In a blog post, Kraken indicated that users can now automatically connect the Kraken App with the two payments platforms and purchase over 50 cryptocurrencies.
The exchange notes that with the payment apps, users can purchase digital currencies at a minimum of $10, with the maximum limit set at $7,500 during a seven-day rolling period.
The integration of Apple Pay and Google Pay eliminates the previous form of buying digital assets that required users to copy and paste their account details from their internet banking app.
The rollout of Apple Pay and Google Pay will also likely help Kraken its expansion plan. Recently, the exchange’s founder and CEO Jesse Powell revealed that they are working towards expanding into Europe.
He noted that the company is seeking a license in a European Union country, acknowledging that discussions with various regulators are already in progress.
Some of the likely destinations for the exchange include Malta, Luxembourg, and Ireland.
Kraken is not alone in adding innovative payment methods to its platform. About a month ago, Coinbase announced that it was adding the option to purchase crypto on the exchange using Apple Pay. Google Pay capability was added onto the platform later, which now allows users to purchase crypto on the exchange easily.
The new app simplifies the crypto purchasing process, as previously users were required to copy and paste deposit details from their banking application, as well as expand the payment methods people can use. The Kraken app has a minimum purchase requirements of $10, and a maximum limit of $7,500 during a seven-day rolling period.
Last year, Kraken became the first cryptocurrency firm to obtain an approval on its application to create a U.S.-based crypto bank in Wyoming. By acquiring a Special Purpose Depository Institution (SPDI) license, Kraken gained the ability to provide “comprehensive deposit-taking, custody and fiduciary services for digital assets”.
In a crowded field of cryptocurrency apps, Kraken claims to offer "the lowest fees in the industry." It points to its speedy verification and onboarding times as a key benefit. The fastest onboarding and purchase test is under a minute, depending on the user's bank.
Outside the U.S., Kraken is popular because of its margin and futures trading offerings, which are not yet available to U.S. consumers. Launched in 2013, Kraken says it has 7 million clients. It said its May trading volume grew more than sixfold from January.
Kraken CEO Jesse Powell previously told CNBC he thinks there could be a wider crackdown in crypto trading. Powell said the U.S. is more "shortsighted" than other nations and "susceptible" to the pressures of incumbent legacy businesses like banks, which "stand to lose from crypto becoming a big deal."
Whereas balances for U.S. customers with funds held in U.S. banks are FDIC insured up to $250,000, Kraken has taken a different approach
As Crypto Economy reported, Kaken made headlines in September 2020 when it won approval to start a financial services company in the State of Wyoming. With that, Kraken also became a financial service company somewhat similar to traditional banks called Kraken Financial, and the world’s first Special Purpose Depository Institution (SPDI) in Wyoming.
The SPDI charter allowed the exchange to provide multiple services to U.S. customers interested in cryptocurrencies that include deposit-taking, custody, and fiduciary services for digital assets.
Kraken is suitable for beginners because of its user-friendly interface. In addition, the app boasts of a low fee structure. The company claims that it offers its users comprehensive security features to keep their assets and identity protected. The top features being:
Platform security: Servers are under 24/7 surveillance by armed guards. Physical access and code access are tightly controlled.
Safe coin storage: Moer than 90% of deposits are kept in offline, air-gapped, geographically distributed cold storage with full reserves for immediate withdrawal.
Penetration testing: There is an expert team focused on testing its systems from security flaws and they also offer bug bounty program.
Kraken’s app has a minimum purchase requirement of $10 and a maximum purchase limit of $7,500 during a seven-day rolling period.
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