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Kraken Launches Crypto Exchange Service in Australia
One of the top U.S. exchanges, Kraken is extending its operations Down Under for crypto trading in AUD.
Updated Apr 10, 2024, 2:54 a.m. Published Jun 17, 2020, 8:19 a.m.
Kraken, one of the world's largest exchanges by trade volume, is extending its services Down Under.
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The California-headquartered firm announced on Wednesday it would be opening operations in Sydney, Australia, with local clients able to fund their accounts in Australian dollars (AUD). The exchange said it would offer instant funding to those users who make deposits via Okso and PayID-enabled Australian bank accounts.
The new addition marks the seventh national currency in Kraken's fiat on-ramps, joining the U.S. dollar (USD), Canadian dollar (CAD), Swiss franc (CHF), the euro (EUR), British pound (GBP) and Japanese yen (JPY).
See also: ASX Accused of Trying to ‘Crush’ Rival Blockchain Trading System
“We’re thrilled to be launching Kraken Australia today at a time when Australian investors increasingly turn toward cryptocurrencies to diversify their portfolios,” said Jonathon Miller, managing director of Kraken Australia.
Users of Kraken Australia will be able to execute trades in AUD against popular cryptocurrencies including bitcoin ether , , , bitcoin cash (BCH) and the tether stablecoin. General users based outside the U.S. will also be able to trade AUD against USD, EUR and JPY.
Co-founded by Jesse Powell in 2011, Kraken established itself as one of the first major exchanges in the U.S. and currently offers the ability to trade in retail, spot, derivatives over-the-counter (OTC), margin and indices markets.
See also: Coca-Cola Distributor Offers Bitcoin Payment Options for Aussie Vending Machines
According to Miller, retail investment in crypto has been on the rise with a record number of signups at Kraken since March. This has led the company to ramp up its employee base with 200 new workers to meet client demand.
Kraken acquired one of Australia's longest-running cryptocurrency exchanges, Bit Trade, in January 2020. Its CEO, Miller, was appointed to lead Kraken's operations in the nation at the time.
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