Kraken Simplifies Crypto Deposits with New 'Another Exchange' Feature

Depositing cryptocurrency onto an exchange can be a frustrating process, especially for newer users. It involves finding the right network and copying a long wallet address character by character, which can lead to mistakes that are irreversible on a blockchain.

Kraken has partnered with Mesh to simplify this process, introducing a new option called 'Another Exchange' in their deposit flow.

After choosing the asset and network, users will see an option to deposit from another exchange. Selecting this option opens a secure Mesh window where users can pick which exchange they're sending from, sign in, choose an amount, and confirm. The crypto is sent on-chain straight to the Kraken deposit address.

Mesh's SmartFunding feature also allows users to cover any shortfalls when depositing tokens from another exchange. For example, if a user wants to deposit 10,000 USDC but only holds 7,000 USDC, Mesh can convert about 3,000 USDC worth of other holdings on that exchange to make up the difference.

There is no fee for using this new option, although users' exchanges may charge their own withdrawal or network fees. Kraken's partnership with Mesh aims to reduce friction in cryptocurrency deposits and attract more users to their platform.