Kraken is a cryptocurrency exchange launched in 2013. It is the largest Bitcoin exchange in euro volume and liquidity. It claims to be the first exchange to have volume and trading price displayed on the Bloomberg Terminal, and it is also a partner with a cryptocurrency bank. Moreover, it is the first crypto exchange to pass a cryptographically verifiable proof-of-reserves audit. To maintain fund security, the exchange keeps the funds in cold storage which are well ‘air-gapped.’ Cold wallet means that the exchange keeps most of its funds disconnected to the internet and is securely stored in a safe location. The exchange uses locked servers in locked racks in the data center which are well protected with armed guards. The data in the system is encrypted and regularly updated. The exchange has a different internal network. To prevent the liquidity shortfall, it has vast reserves in the bank accounts. For the safety of the user account, the exchange offers two-factor authentication. Kraken also allows its users to access an option called as global settings lock which prevents changes in the account over a set period and also hides the display of sensitive information. The exchange allows the users to trade in its wide range of crypto pairs. Kraken is well equipped with good customer support and a simple user interface.
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