TronWeekly

Crypto World News

You are here: Home / Archives for Kraken

Kraken

Ethereum Foundation receives $1.5M donation to fund Ethereum 2.0

by

Ethereum Foundation has revealed that six crypto-companies have donated $250k each. According to the official announcement, the funds secured will be used to aid efforts to upgrade the Ethereum blockchain. Over the past several years, the ETH ecosystem has witnessed unprecedented developments and innovations.

To foster the growth of the blockchain, several platforms have come together and donated a total of $1.5 million. Announcing the same, Ethereum Foundation stated,

“Today, we’re excited to announce that Compound Grants, Kraken, Lido, Synthetix, The Graph and Uniswap Grants are donating $250K each to support ETH execution-layer client teams. This project is the result of several months of work, and will supplement the significant funding provided by the Ethereum Foundation this year. This fundraise will have no impact on the EFs continued financial support for these teams.”

Recipients of Ethereum Foundation’s fund

The official blog post also stated that the Ethereum Foundation has allocated more than $10 million on execution-layer client R&D since the beginning of 2019 and that it remains on its highest priority list.

The foundation reportedly picked five of its client teams- Besu, Erigon, Geth, Nethermind, and Nimbus to receive the funds. It will offer the necessary infrastructure for the network after the unification of ETH 1.0 and ETH 2.0. The non-profit organization asserted to the community that the additional grants will not influence its current financial support efforts.

Besides, TWJ had earlier reported Kraken’s contribution to the Ethereum Foundation to support the open-source developer teams behind ETH 2.0. In addition to the cryptocurrency exchange, the six entities include Uniswap, Synthetix, The Graph, Compound Grants Program, and lastly, Lido Finance.

Revealing the main intention behind this approach, the foundation said,

“Part of our goal with this first round is to lessen risks that come from reliance on any single team or entity as we all work to maintain quality open source products in a diverse, decentralized, and sustainable way. We continue to work towards more decentralized funding mechanisms for Ethereum’s public goods, and this is one more step that enables larger groups of participants to directly support client development and maintenance.”

Kraken gives $250,000 for Ethereum 2.0 development

by

Leading cryptocurrency exchange Kraken has announced donating $250,000 to the Ethereum Foundation in a bid to support the open-source developer teams behind Ethereum 2.0. According to the official press release, the fund will be granted to developers working on nodes that maintain the network software over the following months. The exchange further mentioned that the funds would be directed to projects that drive over 80% of the distributed Ethereum network.

Kraken’s announcements come just a few weeks after Ethereum underwent a successful London hard fork which saw the blockchain network introduce five highly-awaited upgrades to its software.

Following the development, Kraken CEO and co-founder Jesse Powell stated,

“As the first major exchange to list ETH for trading, Kraken is proud once again to lead the way by giving back to the courageous builders who are hard at work on the front lines of crypto innovation.”

Kraken’s grants for Ethereum ecosystem’s development

The cryptocurrency exchange clients have reportedly staked more than 800,000 ETH, worth more than $2 billion, to secure the Beacon Chain, which happens to be the PoS version of the ETH blockchain. As a result, they have already made over 25,000 Ether in rewards via this offering by the end of July.

Besides, this is not the first time Kraken has been involved in the donation for the ETH ecosystem. As a matter of the fact, the crypto platform had previously given out grants to the decentralized ETH funding platform Gitcoin, which assisted Kraken to allocate $150,000 to the blockchain network’s infrastructure projects. Additionally, some of the other platforms to have received grants from the global exchange are Brink, BTCPay Server, and the University of Wyoming.

Ethereum Foundation Executive Director Aya Miyaguchi lauded the “collaborative efforts” and stated,

“We strongly believe that collaborative efforts and support are the most sustainable way to benefit Ethereum in the long-term. This joint effort to support teams and builders that maintain a diverse set of Ethereum clients is not only impactful, but sets a great example.”

TSB Bank to ban crypto purchases citing cyber-crime concerns

by

TSB Bank, which happens to be a retail and commercial bank in the UK is all set to is impose a ban on more than five million of its British banking customers sending money to two prominent cryptocurrency exchanges amid concerns associated with cyber-crime.

According to reports, the institution is gearing up to bar its customers from sending money to trading platforms such as Binance and Kraken on concern that fraudsters are being allowed to create e-wallets and steal user’s money because of poor security checks.

The bank views that Binance, which happens to be one of the world’s biggest cryptocurrency exchanges, as a hotbed for scammers. This is not the first time when TSB has drawn out associations between cryptocurrency and fraudulent activities. The British institution’s Head of Fraud Ashley Hart has also been vocal about crimes in the crypto sector in both newspapers as well as radio. Hart also stressed the “dramatic spike in fraud” and remarked that the existing cryptocurrency exchanges are “rife with fraudsters,” that siphoning off with massive sums as “they capitalize on the surging interest in this type of investment.”

The exec of TSB Bank was also quoted saying,

“Anyone approached to invest in crypto should be extremely wary as these approaches are overwhelmingly scams.”

TSB Bank isn’t the only British financial institution barring cryptocurrency dealings

Apart from TSB Bank, Barclays is another major bank in the United Kingdom that decided to prevent their customers from transferring money to digital currency exchanges such as Binance and SwissBor. Fintechs such as Monzo and Starling also followed the suit. While the representatives of the institutions stated that the move stemmed from bad actors in the space, they were keen on resuming services.

As per the latest stats, UK users had reportedly lost more than $82 million during the past year, most of which originated from investment scams via social media. In addition to that, almost half of 50% of such scams were linked to cryptocurrencies such as Bitcoin and Ethereum.

Kraken preps to go public in 12-18 months, CEO Powell affirms

by

The second-largest cryptocurrency exchange in America, Kraken seemed to be following the footsteps of Coinbase, which is the largest in the region. Kraken’s chief executive officer, Jesse Powell appeared in a recent interview and revealed that the exchange would soon be going public.

The cryptocurrency exchange that is reportedly valued at more than $10 billion has been thinking of going public. While these rumors surfaced a couple of months ago, nobody from the platform affirmed the same. This time, however, Powell spoke to Bloomberg and announced that Kraken would go public in 12 to 18 months. The CEO stated,

“We’re on a mission to bring crypto to the world, and our valuation hopefully will be a reflection of our success in achieving that mission.”

2021 has been particularly great for the crypto-verse. Just as the value of cryptocurrencies grew, the adoption also followed suit. Kraken also noticed a surge in the sign-ups specifically in the first two months of the year, which reportedly surpassed all of 2020.

Kraken’s CEO: ‘Elon has more studying to do’

Bitcoin’s recent plummet in price is closely associated with Elon Musk’s latest move. The tech billionaire dropped support for Bitcoin and went on to express concerns over the damages the asset’s mining process causes. While this is a widely debated topic, several from the crypto-verse have been suggesting that Bitcoin isn’t as bad as people consider it to be, in terms of power consumption.

Powell was one of them as he pointed out that Bitcoin was a lot “greener” than people gave it credit for. Commenting on Tesla’s recent move, he added.

“I don’t know how long Elon has been studying this, but I think he’s got some more studying to do on this topic.”

Musk was quick to hit back as he tweeted in response to Powell’s comments. Addressing the “Bitcoin is greener” narrative, Musk asked Powell,

“Based on what data?”

During press time, Powell hadn’t acknowledged the tweet.

Kraken streamlines crypto trading in the US with its new mobile application

by

Move over Coinbase, San Francisco-based cryptocurrency exchange, Kraken is the latest to roll out its very own mobile application for the citizens of the United States.

This year started off on a great note for the crypto-verse. An array of investors flocked into the crypto market after almost every coin went on to hit an all-time high. As the demand for these assets began to rise, cryptocurrency exchanges started to expand in order to accommodate new investors. Kraken seemed to be doing the same with its latest launch.

Kraken’s mobile application “perfect” for beginners

According to the exchange’s most recent blog post, retail traders of the US would now be able to invest and trade cryptocurrencies using its latest mobile application. The second-largest crypto exchange in the US has made sure the app is available for both Andriod as well as iOS users.

Furthermore, the application allows users to buy Bitcoin [BTC] for as little as $10. While the exchange’s pro version is formulated for experienced or professional traders, the exchange’s latest app reportedly allows beginners to try their hand at trading without any hassle.

Elaborating on the same, the exchange wrote,

“We believe crypto is for everyone. We set out to create an app that anyone can use confidently, regardless of their experience level. The perfect compliment to our more advanced Kraken Pro app, the new Kraken app is perfect for beginners just starting out in crypto, or experienced traders looking to quickly and conveniently buy or sell on the go.”

The crypto platform’s latest app claims to be “perfect” for beginners. The exchange had previously been reprimanded for being complicated for newbies to use. The latest app seems to have solved this issue.

Additionally, Coinbase, Kraken’s rival has been making news all year, from going public to recently onboarding Dogecoin [DOGE]. Kraken’s latest launch would be competing against Coinbase’s application that has been functioning since 2013.

Kraken CEO Believes BTC Would Eventually Become The World’s Currency

by

Bitcoin has fought long and hard to shun off its association with the dark web. Crypto platforms like Kraken, Binance, and several others along with the members of the crypto community have been aiding this growth throughout the years. An array of members flocked into the crypto-verse during the latest bull run and got the exchanges in the industry bustling.

Bitcoin hitting an all-time high of $58K got the hopes up high of the entire crypto-verse. But its latest downfall back to $46K got everyone in a frenzy. Despite, this setback, the support for the king coin kept pouring in. Kraken’s CEO went on to suggest that reaching the moon wasn’t very far for the king coin.

Kraken Bullish On Bitcoin

Kraken’s CEO, Jesse Powell decided to take things up a notch with his latest prediction for BTC. Appearing in a recent interview with Bloomberg, Powell pointed out that Bitcoin had the ability to hit $1 million in the coming decade. He added,

“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity. The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”

Powell also revealed that Bitcoin at $10 billion would still be a low valuation and he would HODL instead of selling the asset at that price.

Several countries have already started taking interest in the crypto-verse. This sprouting interest could eventually turn into fiat currencies being replaced by the king coin, the CEO suggested. Taking the dollar as an example, Powell pointed out how the dollar has gone weak after only 50 years of existence. This, however, could work for BTC as people would soon begin “measuring the price of things in terms of Bitcoin.”

Furthermore, Powell acknowledged the volatile nature of the king coin and suggested that the coin could move up or down by 50% on any given day. While this has been a drawback of the industry, Bitcoin continues to thrive.

He concluded by stating,

“If you are buying into Bitcoin out of speculation, you should be committed to holding for five years. You have to have strong convictions to hold.”

Kraken Intends To Value Firm Over $10B By Raising Capital Through Fidelity

by

The increased demand for cryptocurrencies has put platforms like Binance, Kraken, Coinbase, and several others to work. Kraken seems to be making efforts to spruce up its presence in the crypto-verse. It was recently revealed that Kraken was trying to raise capital to elevate the company’s valuation. While Kraken hasn’t affirmed this news, “a person familiar with the matter” spoke to Bloomberg about the same.

Kraken To Double Its Valuation

As the crypto-verse is close to hitting $2 trillion, several mainstream platforms have been veering into the industry. To further boost its platform, amidst this bull run, prominent cryptocurrency exchange, Kraken will reportedly be raising new capital. With this, the crypto exchange intends to push its valuation to a high of $10 billion or more.

The San Fransisco-based crypto exchange has been taking to companies like Tribe Capital, Fidelity as well as General Atlantic to generate funds. While nothing, including the lead investors, are not settled, the platform hopes to be valued at over $20 billion if the demand is high.

The crypto exchange was recently subject to immense backlash for its flash crash. While the entire crypto-verse was seen enduring a huge fall, Kraken seemed to be the most affected platform out of the lot. BTC was trading below $45K on the exchange while ETH was priced at $700. This drop further initiated the liquidation of leveraged trades.

An array of people took to Reddit to reveal their losses during the crash. One user wrote,

“I lost most of my life savings and haven’t received a response from a human. I’d think they would refund or they would lose all their customers. I’m sick to my stomach but will join the lawsuit with plenty of proof(screenshots) if not refunded”

Just yesterday, news about Coinbase submitting a public S-1 filing surfaced the crypto-verse. This further allowed Coinbase to use the ticker symbol COIN and make its way towards direct listing on Nasdaq.

Kraken Amasses Legal Threats After The Crypto Market Records A Slump

by

The latest crypto rally paved the way for increased trading activity in the industry. This had required exchanges like Kraken, Binance, Coinbase, and other prominent crypto platforms to stay on top of their game. However, the crypto market experienced carnage as all the assets were plummeting.

The entire crypto market, during the time of writing, was seen drowning in the red sea. From a high of $57K, Bitcoin crashed to a low of $45K. Kraken, however, was seen experiencing a “flash crash” as the price of BTC slumped below $45K, while Ethereum dropped to a low of $700. This came across as surprising considering no other exchanges endured such a crash. The crash further insinuated the liquidation of leveraged trades on Monday.

These activities seemed to have infiltrated a sense of anger and worry in many Kraken users. An array of tweets and Reddit posts regarding the same were swarming in the crypto community.

Kraken Users Hit Back

The Kraken Support page on both Twitter and Reddit saw several queries concerning the funds of the users. While several complained that they had lost money, a few others revealed that their deposits/ withdrawals were stuck.

A Reddit user, who goes by the username, RedditKenCann revealed that the individual had lost a whopping $215,000 in ADA on the exchange, the exchange’s latest glitch reportedly cost them their entire amount stored on the platform. This user further urged other users who have been affected by this to take this to a lawyer.

Another user reported that they had lost their life savings during the latest crash. The post read,

“I lost most of my life savings and haven’t received a response from a human. I’d think they would refund or they would lose all their customers. I’m sick to my stomach but will join the lawsuit with plenty of proof(screenshots) if not refunded”

While Kraken replied to certain users suggesting that an investigation was underway, several others were looking forward to a statement by the exchange.

Kraken Becomes Latest Crypto Venue To Halt XRP

by

Troubled times for XRP continued as San Francisco-based cryptocurrency exchange Kraken becomes the latest to announce its plan to halt the trading of the crypto-asset for U.S. residents by the 29th of January 2021 at 5 pm PT. This comes after the US Securities and Exchange Commission [SEC] brought its lawsuit against blockchain company Ripple last month, which alleged that the sales of XRP qualified as an unregistered securities offering.

Kraken is not the only prominent exchange to have made plans to suspend trading of the token whose value dropped by nearly 50% since the regulator filed the suit. Notably, well-known crypto platforms such as OKCoin, Coinbase, Bittrex, Genesis, Binance.US, and eToro has also suspended XRP trading in recent weeks.

What Does Kraken’s Move Mean For Customers?

The platform notified that it will be implementing the process any time of the said data and the US-based customers will have just two weeks to continue trading the crypto-asset. It also urged its customers to resolve their positions prior to the 29th of January. Despite this, the clients residing in the country will still be able to deposit, hold, and withdraw XRP with Kraken.

According to the official blog post released by the platform, those residing elsewhere will not be affected in any way.

Kraken further noted that the US residents with spot positions on margin must satisfy any outstanding margin obligations latest by the 28th of January or face liquidation. Its post read:

We intend to cancel open XRP orders and liquidate open XRP positions for U.S. resident We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.

Should the position regarding holding, depositing, and withdrawal of XRP happen to change in the future, the exchange would make a public announcement accordingly.

XRP Collapses

XRP did not take the news well as it registered a fall of more than 16% over the past 24-hours driving the price to $0.279 at the time of writing. Soon after which DeFi token Polkadot [DOT] blasted past XRP to become the fourth largest cryptocurrency

Kraken’s CEO Goaded By Fraudulent DeFi Projects

by

Despite the fact that 2020 would go down as the worst year in history, the star of the crypto show is undoubtedly Decentralized Finance [DeFi]. Unfettered by the pandemic, the DeFi space unraveled itself into a promising alternative of investment for many. However, just like in any market, with good comes the bad. After its conspicuous performance, the DeFi space was swarmed by fraudsters looking to pocket some easy money. This abject manipulation of the market has enraged many, Kraken‘s CEO is the latest to express his infuriation about the same.

“Taking Your Losses Is The Only Way To Enlightenment”

Loss is difficult to deal with, in whatever form it may come in. However, dragging everyone else with you seems like a rather distressing option. Enraged by the same, Jesse Powell, the Co-Founder and the CEO of the prominent US-based crypto exchange Kraken went ballistic on Twitter.

Powell called out fraudulent DeFi projects for seeking aid from exchanges during times of trouble. He outrightly suggested that these scammy projects were to stop self-sabotaging and then count on exchanges to bail them out. His tweet further read,

“I will not accept your attempt at externalizing the cost of your hasty, reckless rollout. Invest in audits, insurance and please DYOR. Taking your losses is the only way to enlightenment.”

Kraken hoards several DeFi tokens and even went on to onboard several new coins including Filecoin [FIL], Yearn Finance [YFI] as well as Uniswap [UNI]. However, he was adamant about following the motto where scammy DeFi projects would be illuminated following their own losses.

Regardless of the invasion of deceitful projects, the DeFi space continued to flourish. By recording a new all-time high almost every other day, the DeFi industry recently pushed beyond $12 billion for the first time.

Capture 5

At the time of writing, the DeFi market had stacked about $11.3 billion with Uniswap asserting its dominance by 24.16%. The decentralized exchange, Uniswap stood first in the DeFi ladder after locking $2.73 billion. Maker is no longer the face of DeFi as several other projects have evidently outshined the former over the past months.

While the DeFi industry did bring in a lot of value to the crypto-verse, scammy projects continue to put the whole industry in the wrong light. The last few months have particularly opened the gates for untold calamities in the DeFi space.