The Kraken cryptocurrency exchange was created back in 2011 by Jesse Powell, one of the first bitcoin enthusiasts, as an alternative to the (now closed) Mt.Gox exchange.
Kraken is one of the few large exchanges that has an impeccable reputation for security and has become the first cryptocurrency platform to introduce a Proof-of-Reserves system that cryptographically verifies whether the users’ balances on the exchange match the funds on Kraken wallets.
Over 8 years of operation, the Kraken exchange has been able to gain credibility in the crypto industry. The exchange regularly conducts internal audits and tries to demonstrate transparency even in conditions of unfair competition. When it comes to security, few can compete with Kraken. Today, Kraken is one of the few large cryptocurrency exchanges that has never been hacked.
To achieve the highest possible level of security, Kraken stores most of its funds in cold wallets geographically distributed across several countries. Kraken servers are monitored around the clock and are protected by armed guards, and a team of cybersecurity experts regularly checks for potential vulnerabilities.
For users, Kraken offers many additional options to protect your account. They include additional two-factor authentication, as well as blocking account settings.
Unfortunately, the Binance exchange was hacked and it can’t boast such an impeccable reputation, especially considering that the Kraken exchange is 3 times older than Binance.