Kraken, one of the top crypto exchanges of the world, had officially announced this week that it had incorporated the Australian Dollar (AUD) as the seventh of its fiat currencies. This, in turn, will allow the US-based exchange platform’s clients to fund their accounts as well as Trade with the currency itself.
One Of Seven Fiats For Trading
The AUD joins the six other fiat currencies that have already been incorporated into the exchange: The US Dollar (USD), the Swiss Franc (CHF), the Canadian Dollar (CAD), the Japanese Yen (JPY), as well as the British Pound (GBP). The official starting date of the AUD integration was on the 17th of June, which is today. Kraken users will now officially be able to trade in the world’s popular forms of crypto, like Ethereum, Bitcoin, Bitcoin Cash, Litecoin, and Ripple, all the while leveraging the AUD to do so.
The ability to trade in AUD isn’t just reserved for users in Australia, however. Clients outside of the US will also be capable of trading the AUD in Kraken’s FX pairs. In particular, trading can be facilitated with the JPY, the USD, or the EUR, with industry-low order minimums. This came from the exchange itself when it made the announcement.
Seeking To Streamline Crypto And Fiat
Alongside this, the statement, made on Tuesday, explained that it would allow for domestic clients to gain instant funding, should they make their deposits through Australian banks that allow for deposits made via PayID and Osko.
It’s been an established trend, by now, that the San Francisco-based crypto exchange platform has spread into traditional forex trading. The idea behind it was that it will allow their crypto traders to expand their horizons, and allow them to trade within a market that’s worth $6 trillion.
Kraken’s latest move in Australia, in particular, comes after its successful acquisition of the Bit Trade exchange. Bit Trade stood as the longest-running crypto operation within the country, and further represents Kraken’s ongoing goals of bridging the gap between crypto and the traditional financial markets.
Kraken had recently launched further innovations when it comes to crypto-to-crypto conversions, as well. The exchange platform had incorporated eleven new trading pairs, as well, which expanded on the options to convert Ether, USDT, as well as the British Pound Sterling.
In the past, Converting Bitcoin Cash (BCH) to Ether (ETH) within the Kraken exchange, mandated two separate trades. Now, however, Kraken cut out the middle man, creating a BCH/ETH trading pair. This, in turn, saves on the client trading fees they have to pay.