Exchanges and wallets will be allowed to advertise their products, so long as they meet certain requirements and are approved by Google, beginning Aug. 3, the update stated. To be approved, exchanges and wallets must be a federal- or state-chartered bank or be registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN) and as a money transmitter. The businesses must also comply with legal requirements and Google Ads policies.
Google will still not allow “ads for initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale or trade of cryptocurrencies or related products,” according to the update.
The app is for consumer investors, not professionals, and offers educational materials about cryptocurrencies in addition to the ability to buy over 50 cryptocurrencies via bank transfer, the release stated.
The app has boomed in Europe since launching, reporting trading volumes in May that were over triple the volumes of March, according to the release.
“With record numbers of Americans conducting most of their financial lives through mobile apps, it makes perfect business sense for Kraken to double down and offer up an app that enables easy access to cryptocurrencies wherever they are in the world: an asset class that’s changing finance and making it work for everyone,” said Kraken Co-Founder and CEO Jesse Powell in the release.
According to CoinDesk, the exchange, which is profitable, could list within the next two or three years.
Lastly, decentralized finance (DeFi) platform Belt Finance lost $50 million in a “flash loan” exploit, a combination of $43.8 million in fees and $6.23 million that the attacker stole as profit, CoinDesk reported.
The platform will compensate users directly affected, which include 4Belt pool and beltBUSD vault users, as well as BELT token holders. In a blog post, the company outline the details of its compensation plan.
“We hope this compensation plan will be a testament to our devotion to making this right for our users, and that we will grow together stronger as a community, evolving and innovating the field of decentralized finance,” the post stated.