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The transaction volume share generated by cryptocurrency exchange Kraken in the US has more than doubled in the last 18 months. Shannon Kurtas, the product director of Kraken, evaluated the increase in market share in the US and stated that it was mainly due to a 500% increase in the number of users on Kraken Pro, the exchange’s application.
The “Pro” Detail in Kraken’s Rise in the US
Kraken, a strong player in the list of powerful and secure cryptocurrency exchanges, reached its highest level of market share in spot trading volume produced in the US in the last 18 months. It was observed that the exchange increased its market share in spot trading volume produced in the US by over 100% in the last 18 months.
This increase coincided with the growing interest in Kraken Pro, which allows users to access spot trading, margin trading, and staking. Kraken Pro experienced a five-fold increase in the number of users from January to June. The pressures exerted by US regulatory authorities on Binance also led users to switch from Binance.US to Kraken, Coinbase, and other cryptocurrency exchanges. As expected, this situation also contributed to the increase in Kraken’s user base and market share in the US.
Shannon Kurtas, the product director of Kraken, said in a statement to The Block, “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.”
Kurtas added that Kraken’s global market share in spot trading volume has also doubled in the last 18 months, but it is not yet as high in the US market.
European Leader with Over 50% Market Share
On the other hand, Kurtas stated that Kraken is the leader in Europe, saying, “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.”
Kurtas also added that a range of features, such as price alerts, will be offered to enhance the user experience of the cryptocurrency exchange and to keep users informed about their favorite markets and interact with the platform.
