Kraken, the reputable and secure cryptocurrency exchange, has seen a staggering growth in its market share in the US over the past 18 months. The increase is primarily attributed to the soaring popularity of its Kraken Pro application, which offers spot trading, margin trading, and staking. This surge in market share comes parallel to regulatory pressures on Binance, prompting users to shift to alternative exchanges like Kraken and Coinbase.
Explosive Growth in Kraken Pro’s User Base
Kraken Pro has witnessed an extraordinary five-fold increase in user numbers from January to June, accounting for the rapid expansion in Kraken’s market share. This uptick can be attributed to users seeking a reliable and compliant alternative due to concerns surrounding regulatory issues faced by Binance.US. Kraken’s superior reputation and commitment to compliance have allowed it to emerge as a favored choice among cryptocurrency enthusiasts.
Shannon Kurtas, the product director of Kraken, highlighted the significance of the surge, particularly in spot trading volume: “We have seen a significant increase in the use and activity of the new Kraken Pro platform compared to previous platforms. This is a segment where we have doubled our market share in spot trading volume produced in the US over the past 18 months.”
Stepping Up as the European Leader
Kraken’s market dominance extends beyond the US, as it has solidified its position as the leader in Europe. Kurtas proudly revealed, “We have been the leader in the European market for many years, and we have increased our market share from 35% to just over 50% in the last 12 months.” Kraken’s secure and user-friendly platform, coupled with its commitment to compliance, has made it the go-to exchange for European traders.
Enhancing User Experience and Engagement
In its quest to offer a seamless user experience, Kraken plans to introduce a range of features, including price alerts, to keep users informed about their favorite markets and enhance their engagement with the platform. These improvements aim to empower users with real-time information and convenient tools, making their trading experience more efficient and fruitful.
As Kraken’s global market share continues its meteoric rise, the exchange strives to consolidate its position by providing an unmatched trading experience. With its robust security measures, regulatory compliance, and expanding range of features, Kraken is poised to attract an even larger user base and further solidify its market presence.
In conclusion, Kraken’s doubling of its market share in the US within 18 months, fueled by the exponential growth of Kraken Pro, signifies a significant milestone for the exchange. As it continues to dominate the European market and introduces new features to enhance user experience, Kraken is set to redefine the landscape of cryptocurrency trading.
