Cryptocurrency exchange Kraken has moved into the Australian market by offering fiat to crypto pairs in AUD.
The addition of the Australian dollar (AUD) makes it Kraken’s seventh fiat currency, joining USD, CAD, CHF, EUR, GBP, and the JPY.
The announcement stated that as of June 17th, customers will be able to trade Kraken’s most popular cryptocurrencies, including “Bitcoin, Ethereum, and Litecoin along with Ripple, Bitcoin Cash, and Tether against the AUD.”
It added that clients based outside the U.S. will also have the opportunity to trade AUD forex pairs against the USD, Euro, and Japanese Yen with industry-low order minimums.
There will also be instant funding options for domestic clients who are making deposits through Osko and PayID enabled Australian banks.
Kraken Australia managing director, Jonathon Des Miller, stated;
“We’re thrilled to be launching Kraken Australia today at a time when Australian investors increasingly turn toward cryptocurrencies to diversify their portfolios.”
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
He added that the company is entering the market at just the right time with a market-leading digital asset exchange that will resonate with Australians looking to diversify into some of the world’s most exciting crypto assets.
According to CoinMarketCap, Kraken has a daily volume of almost $160 million.
Featured image courtesy of Will/Flickr