2025 Crypto Exchange Showdown: Figure vs Kraken vs Gemini

The origins of these three exchanges reveal fundamentally different approaches to cryptocurrency trading. Figure Markets represents the newest evolution in digital asset platforms, born from the innovative mind of Mike Cagney—former SoFi CEO—and building on Figure Technologies’ vision since its 2018 inception. The exchange pioneers the concept of an ‘everything marketplace,’ seamlessly bridging cryptocurrency and traditional finance through revolutionary blockchain applications that prioritize user autonomy.

Kraken stands as one of crypto’s elder statesmen, having navigated the volatile waters of digital assets since 2011 under Jesse Powell’s visionary leadership. The exchange’s journey from pure cryptocurrency trading to a comprehensive financial platform integrating traditional assets reflects remarkable adaptability and forward-thinking developed over more than a decade of market experience.

Gemini entered the market in 2014 as the brainchild of Cameron and Tyler Winklevoss, launching with a crystal-clear mission to create a trusted, regulation-embracing gateway to cryptocurrency. Leveraging their early Bitcoin investments and financial acumen, the twins have meticulously crafted an exchange where security and compliance aren’t afterthoughts—they’re foundational principles that have guided the platform’s development from inception.

Figure Markets revolutionizes the exchange paradigm through decentralized custody, empowering users with complete control over their private keys—the ultimate security measure in cryptocurrency. Beyond its headline-grabbing zero trading fees, Figure’s ecosystem includes the Forward Vault offering competitive 8% yields on stablecoin deposits and YLDS, the first stablecoin to secure SEC regulatory approval. The platform’s crypto-backed lending capabilities further expand its utility, allowing investors to leverage holdings without liquidation.

Kraken’s service ecosystem reflects its evolution from a pure cryptocurrency exchange to a comprehensive financial platform. While specific service details beyond trading aren’t detailed in the source material, the exchange’s ability to adapt and expand its offerings over 14 years demonstrates a commitment to meeting evolving investor needs in both crypto and traditional asset spaces.

Gemini’s service approach centers on its foundational principles of security and regulatory compliance. Though specific service features beyond trading aren’t enumerated in the provided text, the exchange’s reputation as a trusted gateway to cryptocurrency suggests a carefully curated ecosystem designed to appeal to investors prioritizing regulatory certainty and institutional-grade security measures.

With the digital asset market now exceeding $5 trillion in global capitalization, these three exchanges represent distinct approaches to capturing market share. Figure Markets positions itself as the innovative disruptor, leveraging blockchain technology to create new financial paradigms through its ‘everything marketplace’ concept and SEC-approved YLDS stablecoin. This approach appeals to investors seeking cutting-edge technology and regulatory-forward products.

Kraken’s market position benefits from its extensive track record and proven ability to weather multiple market cycles since 2011. The exchange’s evolution from cryptocurrency-only trading to a comprehensive financial platform positions it as a reliable choice for investors seeking established infrastructure and demonstrated longevity in a volatile industry.

Gemini maintains its position by doubling down on its original mission of creating a trusted, regulation-embracing platform. In a market where security concerns and regulatory uncertainty remain significant barriers to adoption, Gemini’s focus on compliance and security-first principles appeals to institutional investors and risk-averse retail participants entering the $5 trillion cryptocurrency space.