Kraken Cuts Deposits Fees to Zero, Will Integrate DeFi to Provide More Direct Exposure
Cryptocurrency exchange Kraken has cut down its deposit fees to zero, starting June 29th, 2021.
While Kraken has only slashed the fees to zero now for its seven million clients, brokerage firm Robinhood is already commission-free that doesn’t charge to open and maintain an account or to transfer funds to an account.
Robinhood’s popularity also led giants like Charles Schwab, TD Ameritrade, and Interactive Brokers, along with ETrade, to offer no-fee stock trading to retail investors in 2019 as well.
However, Robinhood offers only a handful of cryptos while the market has thousands of coins.
Now, in the nascent crypto market where fees are very high, this fever seems to have started to take place, as Kraken announced this week. Jeremy Welch, Chief Product Officer at Kraken said,
“Kraken remains laser-focused on ensuring clients receive the best exchange offering.”
“By cutting out deposit fees, clients can experience the lowest possible friction on their crypto journey.”
With the cryptocurrency industry growing rapidly, an estimated 100 million people around the world have bought or owned a digital asset; Kraken recognizes that accessibility is the way to mass adoption.
“With crypto deposit fees now slashed to zero, Kraken is reaffirming its commitment to fair and equal access to the life-changing potential of cryptocurrencies, making the road to financial freedom as smooth as possible.”
Earlier this month, Kraken also rolled out its mobile app in the US, where investors can purchase crypto assets at the touch of a button for as little as $10.
In addition to the announcement of deposit fees going to zero, the exchange also shared that it is now preparing the ground for one of its long-term ambitions, decentralized finance (DeFi).
“Decentralized finance is something that we want to integrate more with and give consumers more exposure to directly,” Jesse Powell, co-founder, and CEO of Kraken, said in an interview last week.
This cut down in deposit fees now brings consistency and stability to the pricing between Kraken and DeFi protocols and applications, said the exchange.