Kraken announced a new funding service for its users that improves the speed and efficiency of transfers. The new service is focused on EUR funding. All of the users in the SEPA zone can now use the latest fast funding service.
“We know that quick and efficient asset transfers are crucial in the fast-moving crypto industry. With this in mind, we are excited to announce the recent addition of SEPA Instant Credit Transfer (SCT Instant) to the EUR funding methods available to our clients in the SEPA zone.”
Faster Funding With Fiat Money
Helping mainstream users come to the new cryptocurrency worlds depends on many factors. Cryptocurrency exchanges and similar platforms have to offer the best and easiest ways for the new users to migrate from fiat to crypto. Funding services that support popular fiat money like EUR some of the best solutions for this challenge. Many crypto exchanges now support fiat funding, and Kraken is trying to expand offerings by supporting SEPA Instant Credit Transfer.
The new funding service from Kraken is the result of its partnership with ClearJunction.
“SCT Instant is enabled by ClearJunction, which has been a Kraken funding provider for some time. Founded in 2016 by banking industry veterans with a focus on cross-border payments, ClearJunction offers a host of services to financial institutions across the globe,” according to Kraken.
Kraken users that want to use the new service have to have an account in a bank that supports SCT Instant. Another obvious requirement is being the resident of a SEPA zone country. Kraken only allows the new funding service for verified Intermediate or Pro users.
In fact, Kraken doesn’t let normal users deposit or withdraw fiat money at all. They also have lower limits of trade on margins than verified users. These policies are in place to engage users to verify their identity and prevent money laundering or other criminal activities on the platform.
According to Kraken, depositing EUR with SCT Instants is free, but for withdrawal, you have to pay 0.90 EUR. The minimum deposit and withdrawal amounts are one and three EUR. Kraken allows users to deposit and withdraw EUR up to 100,000 EUR.
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