Organisation

Kraken

6 placements on ChainChoice under Kraken, each scored against its own category's pool and criteria — #1 in one of them. The placements are not averaged and not ranked against each other: a #1 exchange and a #6 crypto card are two different products in two different markets.

Crypto Offramps

Rank#1 OverallScore82

Leads the published order

Kraken OTC Desk

Rank#2 OverallScore77

#1 in this category: Gemini eOTC

Kraken ETH Staking

Rank#2 OverallScore56

#1 in this category: Lido (stETH)

Token Launchpads

Kraken Launch

Rank#2 OverallScore78

#1 in this category: DAO Maker

Kraken Wrapped Bitcoin (kBTC)

Rank#3 OverallScore67

#1 in this category: tBTC (Threshold Network)

Rank#11 OverallScore59

#1 in this category: Bybit

Crypto Offramps

How you can lose money here, and what the ranking scores

Regulatory failure (Kraken 9/10): no licence where you are, or a forced market exit.
Scored by Verified licences and regulated footprint · 15%
Execution failure: you get a worse price, later, or nothing.
Scored by Spread disclosure and quote binding · 25% (Kraken 8/10)
Scored by Payout rails speed and coverage · 20% (Kraken 8/10)

Not assessed by this ranking: Control failure, Liveness failure, Custody failure, Insolvency failure, Exit failure, Information failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: All-in cost of a representative sale (40%).

OTC Desks

How you can lose money here, and what the ranking scores

Insolvency failure (Kraken OTC Desk 7/10): the firm or issuer that owes you cannot pay.
Scored by Counterparty footing and asset segregation · 30%
Execution failure: you get a worse price, later, or nothing.
Scored by Documented settlement mechanics · 22% (Kraken OTC Desk 9/10)
Scored by Published price transparency · 18% (Kraken OTC Desk 3/10)

Not assessed by this ranking: Control failure, Liveness failure, Custody failure, Regulatory failure, Exit failure, Information failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: Published minimum ticket (30%).

Retail Staking

How you can lose money here, and what the ranking scores

Exit failure (Kraken ETH Staking 4/10): you cannot get out at par, on time, or with what is yours.
Scored by Way back to ETH · 30%
Information failure (Kraken ETH Staking 8/10): the number is wrong or bought, or your data leaks.
Scored by Rate shown before sign-up · 20%

Not assessed by this ranking: Control failure, Liveness failure, Custody failure, Insolvency failure, Regulatory failure, Execution failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: Share of the ETH reward you keep (50%).

Token Launchpads

How you can lose money here, and what the ranking scores

Regulatory failure (Kraken Launch 8/10): no licence where you are, or a forced market exit.
Scored by Allocation rules and named exclusions · 25%
Exit failure (Kraken Launch 9/10): you cannot get out at par, on time, or with what is yours.
Scored by Upfront sale and unlock terms · 20%
Information failure (Kraken Launch 2/10): the number is wrong or bought, or your data leaks.
Scored by Published launch track record · 35%

Not assessed by this ranking: Contract failure, Control failure, Execution failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: Published cost to participate (20%).

Wrapped Assets

How you can lose money here, and what the ranking scores

Custody failure (Kraken Wrapped Bitcoin (kBTC) 5/10): whoever holds the assets loses or withholds them.
Scored by Who can move the bitcoin · 32%
Insolvency failure (Kraken Wrapped Bitcoin (kBTC) 8/10): the firm or issuer that owes you cannot pay.
Scored by How tightly the reserve is actually proven · 22%
Exit failure (Kraken Wrapped Bitcoin (kBTC) 4/10): you cannot get out at par, on time, or with what is yours.
Scored by Who is allowed to redeem · 28%

Not assessed by this ranking: Contract failure, Control failure, Verification failure, Regulatory failure, Information failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: Published dated cost (18%).

Exchanges

How you can lose money here, and what the ranking scores

Custody failure (Kraken 8/10): whoever holds the assets loses or withholds them.
Scored by When this venue broke, did people get their money out — and how would I know? · 28%
Insolvency failure (Kraken 7/10): the firm or issuer that owes you cannot pay.
Scored by If this exchange fails — or freezes me — are the coins legally mine, and on whose terms? · 18%
Regulatory failure (Kraken 8/10): no licence where you are, or a forced market exit.
Scored by Whose licence actually covers me in my country — and can I find it on the register? · 24%

Not assessed by this ranking: Control failure, Liveness failure, Execution failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: What will I actually pay here at my volume — including the spread they don't print? (30%).