Kraken Crypto Exchange Launches Forex Markets Supporting Six Foreign Currencies
American cryptocurrency exchange Kraken on Wednesday announced a new expansion of its commercial activities. Starting March 12, all Kraken customers except US residents will be able to participate in foreign exchange trading..
Initially, nine trading pairs will be launched for the direct exchange of the Canadian dollar (CAD), Swiss franc (CHF), euro (EUR), British pound (GBP), Japanese yen (JPY) and the US dollar (USD).
The minimum trade size will be 10 units of the base currency. As the exchange notes, this value is significantly lower than that offered by many of the leading forex platforms. There are no plans to add margin trading for new markets at the launch stage.
How the solution will be implemented technically, the exchange does not specify. However, the same fees will apply to it as when trading stablecoins..
Kraken announced its return to the Indian market earlier this week.
“Unfortunately, our development in this market was limited by the decision of the Reserve Bank of India, which prohibited banks from opening accounts for crypto companies,” writes Kraken. “That is why we are delighted that the restrictions were lifted by the Supreme Court last week. Kraken will re-allocate resources to develop the service in the region with new features and offerings “.
The exchange declined to disclose specific details of the upcoming expansion and offered to await further notifications..
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