With the rise of digitalization, cryptocurrency is breaking the internet. According to recent research, the number of people trying to understand or use cryptocurrency exceeds 101 million! That is huge. Compared to the number today, there were only 5.8 million users for the same in 2017. Cryptocurrency’s tremendous growth also attracts people to different crypto-exchange platforms like Kraken and Coinbase. In this article, we take you down the road to understanding these platforms better.
Who started Kraken?
In 2011, Jesse Powell founded Kraken and Coinbase as one of the first cryptocurrency exchanges. It’s the oldest platform for an exchange that is still in existence. With its high-tier security and low transaction rates, it instantly became quite popular among investors. Within two years, Kraken expanded its crypto offerings with more than 50 cryptocurrencies.
As of today, Kraken has an immense influence on both crypto investors and the market. The company has raised more than $100 million of funds since its launch. The demand for Kraken, however, is more in Europe than in the US.
Interestingly, lots of information about Kraken is available on Youtube You can instantly download and stream their videos. It’s a good idea to pay attention to the YouTube thumbnail to ensure you’re looking at relevant Kraken content, though.
Now, let’s talk a bit about Coinbase.
What is Coinbase?
Fred Ehrsam and Brian Armstrong founded Coinbase after the launch of Kraken in 2012. The platform focused only on Bitcoin brokerage in its initial years, and customers could purchase them directly from the platform. However, with increasing popularity, Coinbase added more features, product lines, and services to its platform.
Kraken Vs. Coinbase
One of the most popular questions and concerns among investors is which of the two most popular SaaS platforms should they use? In this section, we talk a little about the pros and cons of each to help you compare better.
Both Kraken and Coinbase are highly secure online exchange platforms. Kraken is putting extra attention and effort into upping its security game by adding world-class security features. The team at Kraken works tirelessly to monitor the funds at all points in time. Moreover, there is a two-factor security authenticator for logging in to your account for added security. On the other hand, Coinbase prevents the hacking of funds by filtering and verifying requests through SQL injections.
Next in line are the transaction fees of the two platforms. Kraken is transparent about all of its charges and transaction fee structures. It’s one of the more important factors why people are inclined towards using the app. A standard price when you use payment cards to buy cryptocurrency on Kraken is 3.75+ 0.25 euros. However, the price may be slightly different based on which currency you’re dealing with.
For starters, it might be a little confusing for people to understand Coinbase. But once you get accustomed to its features, it becomes easy to trust the platform.