2023-09-07 14:22:32
Kraken, one of the main exchanges in the cryptocurrency market, is making a major move to cater to UK and European users.
Kraken made the announcement in a update recent, noting that it is gradually rolling out support for deposits in euros and sterling through PayPal.
The Importance of Paypal to Kraken Integration
A recent email circulated among users of the exchange in the UK has confirmed the introduction of PayPal as a funding method for user accounts. The email details that users can now use 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) per day.
A big advantage of using PayPal for deposits is the speed with which transactions are processed. According to the UK version of the Kraken mobile app, PayPal deposits are claimed to be “available in seconds”.
This speed of processing can significantly improve the user experience and give traders an edge when reacting to rapidly changing market conditions. However, like most financial services, convenience often comes at a price. In this caseexchange users using the PayPal funding method will incur a 2.4% commission.
Additionally, 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 PayPal’s new Kraken deposit feature, users need to verify their accounts at the Intermediate or Pro level. This verification process ensures that the PayPal account name matches the name on your Kraken account and users must reside in the UK or Europe.
The process of depositing funds via PayPal to Kraken is designed to be simple 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 selected as the deposit method and users can enter the desired deposit amount. With a simple swipe, funds are credited almost instantly to the user’s Kraken account. While deposits are almost instant, Kraken users should be aware that there is a seven-day hold period for withdrawals of funds deposited through PayPal.
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