The legend tells that the Kraken is a gigantic mythical sea monster that appeared in the ocean like an octopus capable of sinking huge ships into the depths of the sea and sending tentacles everywhere. It is possible that over the years the myth expanded and the Kraken became a kind of dinosaur, which means that part of the ability is to reach everywhere with accessibility and wisdom.

Kraken is one of the largest cryptocurrency trading platforms. Kraken is both an exchange and a digital currency bank. The corporation is based in the USA, founded in 2011 and first launched in September 2013. To this day, it is among the first exchanges established in the field. As of mid-summer 2022, the company’s valuation is estimated at $11 billion. The exchange’s founder, Jesse Powell, has always been involved in security and proper, regulatory business development, and this is what brings Kraken to the forefront in terms of regulation and implementation on the ground. **You’re asking why this is interesting to us?**

Because improper use of centralized exchanges can raise concerns, suspicions and uncertainty in the face of legislators, governments and corporations that raise negative awareness towards the exchange and lead to blockages in different regions and parts of the world, which affects us as buyers, sellers and traders who go through these exchanges in order to use the convenience and tools they offer. Such events can limit the crypto assets of holders under the exchange and in the past such cases have led to major panic in the crypto market.

Over the years, Kraken has proven its security and promises and is now under banking supervision. In September 2020, the exchange announced that the state of Wyoming had granted Kraken a special banking charter, meaning it independently holds its own bank, thereby enabling it to establish relationships with banks and countries around the world. The exchange offers low fees, a user-friendly site for beginners, and a convenient smartphone app.

Kraken was the first exchange whose trading prices were displayed on the Bloomberg Terminal, and it was also the first to undergo Proof of Reserves audits to verify holdings with regulatory bodies and its clients.

Since law and order are our guiding principles, we had to create a secure and convenient infrastructure for our clients. Therefore, every client who goes through our training receives a comprehensive picture of the leading exchanges in the space, as there are minor differences between different exchanges, especially in the times when the rate is locked and displayed to clients. It is important for us to provide the ability to buy and sell at the available and consistent rate of the exchange.

Things happen quickly in the crypto market, and it’s important for us to keep pace with the market and you. From time to time, regulatory bodies update the laws and guidelines for local use, so some exchanges need to adapt to the rules of the game. But in Kraken’s case, as we noted, their performance over time has shown a stable infrastructure.

Another point worth mentioning is the sale of digital currencies. Since it is currently very difficult to sell directly from centralized exchanges like Binance, Coinbase, etc. in Israel, Kraken provides more stable and clear ways due to its status as a banking entity in the centralized world. Therefore, some banks in Israel will actually allow the receipt of digital assets to shekels originating from the exchange and through their legitimate and documented methods.

It is important for us to note at this time that the safest way to hold digital currencies is in a hot or cold digital wallet, preferably non-custodial wallets. If this topic is still unfamiliar to you, you are welcome to expand your knowledge through the comprehensive guide.

At Bitjourney, you will always get the big picture that will allow you to perform operations and set up the infrastructure according to what best suits you and the size of your portfolio and level of activity. Through us, you can learn about all the methods and types of wallets, from hardware wallets (cold wallets) to hot wallets and browser wallets (Web 3). It is important for us to keep up with innovation as the market rapidly progresses, enabling us to continue to provide the right and efficient tools and solutions for buying, selling and properly holding digital currencies.

The Kraken exchange is one of the leaders in the digital currency field. The platform primarily represents the developing regulation towards the market and offers a wide range of currencies of different types and niches. During 2023, Kraken even added the NFT derivatives market, and its interfaces are very user-friendly.

We always recommend staying updated and following the combination of law and order with the speed at which the market is developing.