Kraken, which is a renowned cryptocurrency exchange is going live around 14.30 UTC (around 10.30 am EST) on March 12, 2020, with nine fiat pairs as the exchange has ventured into the business of traditional forex trading.
Crypto Exchange Kraken Adds Six Major Currencies
Kraken has included six prominent currencies, namely the US Dollar, Canadian Dollar, Euro, British Pound, Swiss Franc and Japanese Yen in the new service. Besides the newly launched business, Kraken provides over-the-counter trading desk along with a platform for futures trading.
The team of the Kraken clarified that trading fees on forex pairs would be based on stablecoin fees of Kraken, which is based on the volume activity’s maker-taker fee model. Traditional forex trading service currently does not include margin trading for forex pairs, which is otherwise offered to cryptocurrencies. One more point must be noted that Kraken did not allow the new service to the residents of the United States.
Can Crypto Exchanges Blur Out The Fiat-Crypto lines?
San Francisco based Exchange, Kraken, which was found in 2011, has continuously taken the effort to revive its network’s infrastructure and improving the skill set of the team. The latest move of Kraken represents a significant step into traditional financial markets and indicates the development of professionals in the crypto industry. The addition of nine new forex pairs will ease the trading process across the markets and allow the users to traded in a sophisticated manner.
The reputed crypto exchanges of the world which are seeking to enter into lucrative forex sector can soon follow the course of the Kraken Exchange. Over the years, exchanges are developing the tools to strengthen their platform and improving the services to provide currency trading may now have the potential to enter into traditional markets.
Kraken’s entry into forex trading seems to be an inaugural move to blur out the lines between fiat and cryptocurrency. In the coming years, exchanges which will enable the trading of both the classes of currency can help in bringing the investments into the blockchain technology.
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