The US-based cryptocurrency exchange, Kraken, has announced the integration of 11 new trading pairs on its platform, on April 30, 2020.
The new service of Kraken includes expanded option that could convert cryptocurrencies like Ether (ETH), USDT and Pound Sterling (GBP) with the offerings.
The offerings have been created to prompt more functionality on the platform.
Earlier, while buying any other crypto coin, users of Kraken had to convert their crypto holdings into the fiat currencies. But now they could easily convert their crypto holdings into any other cryptocurrency.
For instance, if a person wants to convert Bitcoin Cash (BCH) into Ethereum (ETH) on the Kraken platform, unlike the previous time, where the user had to spend more time and money for two distinct trade, it would use BCH/ETH trading pair. While doing so, the user not only saves time but also the trading fees.
The platform would help its client to directly sell their BCH for ETH. But while completing the process the clients would have to deal with unavoidable escalations.
According to a report, Kraken has been planning to head towards the traditional forex trading to expand the business and start trading into a $6 trillion market.
Now the total number of trading pairs on the platform has reached 155. These pairs have diversified portfolios and got new trading options too.
The crypto exchange already supports the trading between cryptocurrencies like Bitcoin, Ethereum, Ripple and Litecoin with most of the fiat currencies like the US dollar, the Canadian dollar, Euro, British Pound and Japanese Yen. Now, with the help of new service, the users of the platform could trade directly between fiat currencies too.
A few days ago, the Swiss franc was included in the list of fiat currencies that are backed by Kraken recently. But, during the launch of forex offering the exchange did not provide the margin for trading.
Recently, the US-based crypto exchange has collaborated with Silvergate Exchange Network (SEN), to help its customers depositing and withdrawing money from their bank accounts without paying any fees.
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