Kraken Rolls Out AUD Support After Acquiring Australian Bit Trade Exchange Earlier This Year
Kraken cryptocurrency exchange has finally added support for Australian Dollar (AUD) trading pairs, 6-months after acquiring one of the prominent Australian crypto exchange Bit Trade.
The inclusion of AUD would make it the 7th fiat currency to be added to the platform. Before AUD’s addition, Kraken has already added support for USD, CAD, EUR, JPY, GBP, and CHF.
Excited to announce that @krakenfx had launched AUD funding and trading as of today. If you are Australian you can now instantly deposit AUD and trade crypto and FX pairs on one of the most trusted and secure digital asset exchanges in the world https://t.co/HmFOxUxwUo
— Jonathon Des Miller (@jdesmondmiller) June 17, 2020
Kraken acquired Bit Trade back in January, and anticipations were quite high on the addition of the Australian national fiat. Bit Trade is one of the oldest crypto exchanges, having been established back in 2013. It offered retail exchange services in the beginning and later expanded its service base to provide Over The Counter (OTC) trading desk facilities as well. Bit Trade was also among the founding members of the Australian Blockchain Association.
AUD Will Be Available For Crypto As Well As Forex Trading
The newly added fiat would be paired against six cryptocurrencies at present, namely Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and USDT. The crypto exchange would also avail foreign exchange pairs for AUD against the US Dollar, Euro, and Japanese Yen to all its clients living outside of the US.
Kraken will launch the AUD onboarding support on its exchange starting from June 17, where the Australian natives would be able to deposit their national fiat using banks that support Osko/PayID payments.
The support for AUD would put Kraken among the line of crypto exchanges who have seen a great potential in the Australian crypto market. Prior to Kraken, crypto exchanges like Binance, Coinbase, and Huobi ventured into the Australian blockchain market, seeing its potential. Coinbase was the first one to venture into the country back in 2016 while Binance and Huobi entered the Australian market last year.
Australia has increasingly supported blockchain technology and cryptocurrencies, unlike many other countries who are still pondering over the Pros and Cons of allowing crypto trading and use. And if we look at crypto progressive nations, almost a majority of them have evolved their crypto regulations over time, instead of completely prohibiting its use due to the fear of its illegitimate use.