First Physically Settled Crypto Transaction in History Belongs to Kraken, Etana and Seabury Global Market
The recent integration of Kraken and Seabury Global Market (SGM) has provided Kraken users more functionality. Using this third party platform, users of Kraken can now easily trade fiat currency more conveniently and timely. The transactions will be made possible through Etana Custody, which is a custodian company offering digital asset and fiat services.
According to the setup, Kraken users will now be able to make a trade with physical Crypto for fiat in real-time through MT4/5. Additionally, this will be supported by the user`s instructions provided through SGM`s messaging system. Kraken informed their customers of the new integration with SGM through email. The digital currency exchange guru company informed its users of the new improvements, purporting that this will bring improved user experience due to the large pool of execution platforms and tools.
New and existing users of the Kraken platform will take advantage of tools not previously available to them through SGM`s routing and messaging gateway. The integration of the two companies and the ability to offer a trade, technology, and settlement solutions was confirmed through a trade. The physical trade of crypto for fiat was made possible in real-time through MT4/5 supported by client instructions on the third party platform.
A common client for both Kraken and Etana, Garlic Capital Corporation conducted the pilot trade to access the viability of the integration. Garlic Capital Corporation used a similar platform to that of the conventional FX workflow to execute the trade. In this simulation, SGM acted as the technology vendor that enabled easy use of Kraken`s exchange rates with Garlic Capital Corporation`s MT4/5 platform. Additionally, SGM facilitated the delivery of client`s post-trade instructions to Etana.
The Future Of SGM, Kraken, And Etana Custody
The different key player companies in the integration had a lot of positivity in how the integration of the platforms played out. Brandon Russell, the CEO of Etana displayed a lot of confidence in the platform while talking to Finance Magnates. He said that the seamless flow of assets was due to the pre-funds held by their partner wallets and banks. Additionally, Russell said that this is an opportunity for their MT4 users to offer crypto to their users more seamlessly. Also, providing a safe and secure environment for these end users to hold their assets.
These same words were echoed by Rob Fletcher, The President, and CEO of SGM. In his commentary towards this partnership, he said that this development is of great benefit to the buyer side because it helps users select the tool and methodology of execution depending on individual preference. He reassured users that with this integration, they would continue to receive the competent digital exchange services Kraken has to offer through a neutral platform for settlement.
Kraken has been providing digital currencies for over seven years now being the oldest Bitcoin exchangers. Over time, the company has expanded to include a digital exchange of other altcoins. It has been ranked by CER, a security company as among the best in crypto exchanges and especially being at the top.