Kraken, one of the prominent players in the crypto market, is making a significant move to cater to users in the United Kingdom and Europe.
Kraken gave the announcement in a recent update, highlighting that it is gradually rolling out support for Euro and British Pound deposits via PayPal.
The Importance of PayPal’s Integration to Kraken
A recent email circulated among Kraken users in the UK has confirmed the introduction of PayPal as a funding method for user accounts. The email details that users can now utilize their PayPal balance, bank accounts, or payment cards linked to their PayPal accounts to transfer funds, up to a limit of £1,000 (about $1,250) every day.
A major advantage of using PayPal for deposits is the speed at which transactions are processed. According to the UK version of the Kraken mobile app, PayPal deposits are claimed to be “available in seconds.”
This swiftness in processing can significantly enhance the user experience and provide traders with an edge when reacting to rapidly changing market conditions. However, like most financial services, convenience often comes at a cost. In this case, Kraken users utilizing the PayPal funding method will incur a fee of 2.4%.
Furthermore, Kraken has ventured into the world of Non-Fungible Tokens (NFTs) by establishing its own NFT marketplace, further diversifying its offerings.
How Does the PayPal Integration Work?
To access the new PayPal deposit feature on Kraken, users must verify their accounts at the Intermediate or Pro level. This verification process ensures that the name on the PayPal account aligns with the name on their Kraken account, and users must reside in the United Kingdom or Europe.
The process of depositing funds via PayPal on Kraken is designed to be user-friendly and efficient. Users can simply select their desired currency, either EUR or GBP, on the deposit screen and link their PayPal account.
Once linked, PayPal can be chosen as the deposit method, and users can enter the desired deposit amount. With a quick swipe, the funds are almost instantly credited to the user’s Kraken account. While deposits are nearly instant, Kraken users should be aware that there is a seven-day hold on withdrawals of funds deposited through PayPal.