Kraken partners with Mesh to streamline crypto deposits
No more address copying when depositing cryptocurrency
1The new way to deposit crypto
Thanks to the new partnership between Kraken and Mesh, users can now deposit cryptocurrency directly from another exchange. Instead of the traditional address copying method, the deposit screen offers a 'Another exchange' option. Users can securely log in and complete the transfer easily. Mesh's SmartFunding feature allows automatic completion from other balances even if there isn't enough of a single token.
2Risks of address copying
Traditional crypto deposit processes required users to copy long wallet addresses character by character. Choosing the wrong network or a single character mistake could lead to irreversible losses. Such friction made experienced investors cautious and sometimes prevented new users from transferring funds altogether. Mesh integration eliminates these risks.
3How it works
After selecting the asset and network on the deposit screen, users choose the 'Another exchange' option. In the secure Mesh window that opens, they select the sending exchange and log in (platforms like Coinbase open their own login window). After choosing the amount and confirming, the transaction is sent directly to the Kraken address via blockchain. The process can be canceled at any point.
4SmartFunding advantage
Mesh's SmartFunding feature enables users to make full deposits even without sufficient balance in a specific token. For example, a user wanting to deposit 10,000 USDC with only 7,000 USDC available can have the system automatically convert 3,000 USDC worth from other assets on that exchange. Of course, the relevant exchange's trading and network fees apply.
5Technical infrastructure
This new feature is built on Mesh's crypto payment network. Mesh facilitates connections between exchanges, allowing platforms like Kraken to securely transfer crypto between accounts. Users log in to other exchanges (including two-factor authentication) through Mesh. Kraken doesn't see or store passwords for other platforms.
6Current status and future
Currently only Coinbase integration is available (depending on local availability), but more exchanges will be added soon. Users can continue using the traditional wallet address method for unsupported exchanges. The feature is currently available on Kraken's website, with mobile support coming soon. Kraken doesn't charge for this service, but other exchanges' withdrawal or network fees may apply.
7Steps to try it
1) Log in to Kraken and go to Deposit. 2) Select Crypto, then choose the asset and network. 3) On the 'Deposit from' screen, select 'Another exchange'. 4) Log in to the relevant exchange in the secure Mesh window, choose the amount, and confirm. For details and FAQs, check Kraken's support article on depositing from another exchange.
8Importance for the industry
This collaboration has significant potential to improve user experience in the crypto sector. By removing technical barriers of traditional methods, it aims to reach wider audiences. As Mesh's payment infrastructure integrates with more exchanges, a more fluid fund transfer network could emerge in the crypto ecosystem. Such developments could accelerate mass adoption by making cryptocurrencies easier to use daily.