New fiat currencies added to Kraken

Kraken yesterday announced that it has added new payment methods in fiat currencies to be able to buy crypto assets on the exchange.

This expansion was made possible thanks to the collaboration with Bank Frick, a family-run bank, which allowed Kraken to add 5 new fiat currencies in one fell swoop, allowing users to use them to deposit their funds.

These currencies are: 

• American dollars (USD), 
• Euro (EUR), 
• Canadian dollars (CAD), 
• British pound sterling (GBP),
• Swiss francs (CHF).

This opens the doors for almost all international users, as it covers most of the widely used fiat currencies, facilitating transfers and thus the purchase of cryptocurrencies.

Details on the fees of Kraken

It is worth mentioning that Kraken supports SWIFT international deposits and withdrawals, i.e. transfers that take 1 to 5 working days to make a transaction.

These are the parameters for withdrawal and deposit fees for this exchange:

• Deposits: 3 EUR/USD/CAD/GBP
• Withdrawals: 1 CHF, 13 USD/CAD/GBP, 5 EUR

Processing Times

• SWIFT Deposits: 1-5 business days
• SWIFT Withdrawals: 1-5 business days 

Minimum and Maximum Amounts

• Minimum deposit: 1 CHF, 4 USD/CAD/GBP, 50 EUR
• Minimum withdrawal: 2 CHF, 14 USD/CAD/GBP, 6 EUR
• Maximum deposit/withdrawal: Depends on individual account limits

This announcement is in line with the strengthening of the exchange, which in this period of crisis has hired as many as 94 people in order to increase the workforce.

Kraken, fiat currencies for mass adoption

Now the gap between those who want to buy crypto through this exchange is narrowing, which means we could see more and more users in this sector.

In fact, one of the problems in entering the crypto world lies in the difficulty of the platforms, both in terms of UI (especially for DeFi dApps) and daily use, partly due to the lengthy KYC and currency support procedures.

If a single exchange supported all currencies and crypto assets it would be easier to adopt it as a reference point without having to go through dozens of different platforms.