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Cryptocurrencies have become increasingly popular with investors, traders, and other market participants across the globe. Along with a significant surge in the launch of numerous virtual currencies, the launch of trading venues for these cryptocurrencies is also on the rise.
Similar to the workings of a stock exchange, these cryptocurrency exchanges facilitate the buying and selling of virtual currencies by retail as well as by large investors and traders.
This article discusses Kraken, one of the prominent crypto exchanges.
The Kraken Marketplace
Working on the lines of a stock exchange that facilitates stock trading, San Francisco-based Kraken is a cryptocurrency exchange where market participants can trade the various cryptocurrencies. The participants are allowed to buy or sell the cryptocurrencies using various fiat currencies, that include U.S. dollars, Canadian dollars, euros, and the Japanese yen.
Virtual currencies available on the Kraken exchange include the popular ones, like Ethereum (ETH) and bitcoin (XBT), and others that have gained traction in recent times, like EOS (EOS) and Monero (XMR).
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Kraken was established in 2011, and it formally launched the trading operations in 2013.
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It is owned by Payward Inc. and is headed by CEO and co-founder Jesse Powell.
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It provides the easy movement of money to and from the linked bank accounts of the participant, and the movement of cryptocoins to and from the participant's digital wallets from Kraken-linked trading accounts.
How Did Kraken Become Popular?
Over the years since its launch, a lot of factors have contributed to Kraken as a trading destination of choice for a variety of cryptocurrency market participants.
As cryto-mania started gripping the world around 2014, Kraken, along with Coinbase exchange, was selected to provide the market data of bitcoin trading to the Bloomberg terminal.
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Getting associated with the leading market data provider helped Kraken gain popularity among the trader community. Bloomberg clients were then able to access virtual currency prices, charts, news, and social media posts through appropriate Bloomberg services and terminals.
Shortly afterward, Kraken partnered with the global leader in chart-service provider, TradingView.
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It continued to add more cryptocurrencies, like lumen, to its trading platform and enabled funding and trading in various fiat currencies like the USD, GBP, and JPY.
What Makes Kraken Stand Out?
Kraken offers a feature-rich trading platform for individual cryptocurrency enthusiasts as well as large trading firms. It has a variety of account types that cover the needs of all kinds of traders and investors.
With its advanced order system and trading tools – which include a variety of stop loss and profit-taking order types, leverage and margin-based trading, automated strategy trading, and a big pool of cryptocurrencies to trade in – Kraken ranks among the leaders in cryptocurrency exchanges.
Issues with Kraken
Along the way, Kraken has also hit a few roadblocks in recent times. In May 2017, Kraken, along with the bitcoin exchange Poloniex, was hit with Distributed Denial of Service (DDoS) attacks, leading to huge losses for market participants.
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The incident led to a class action lawsuit being filed against Kraken, where plaintiffs are seeking over $5 million which they claim they lost as a result of Kraken’s mishandling of the DDoS attack.
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This was a major blow to Kraken's image, which had boasted that it was the safest cryptocurrency trading platform, and claimed to be the trust winner by Mt. Gox trustees.
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