The Kraken exchange adds support for the AUD fiat currency, which will now allow Australians to fund their accounts with Australian dollars. Six months after Kraken acquired the veteran Aussie crypto exchange Bit Trade, we can see fruitful results coming from their headquarters.
As of today, the major Kraken exchange adds support for Aussie dollar (AUD) and as it announced on their website, the trading pairs and account funding are now an option. Australian dollars will be tradeable against a couple of digital assets for starters, which will include Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Tether (USDT) and Litecoin (LTC) on the platform.
AUD is the seventh fiat currency that is now supported by Kraken, joining USD, CAD, EUR, JPY, GBP and CHF currencies. The Kraken clients based outside of the United States will als get a chance to trade AUD-based foreign exchange pairs against USD, EUR and JPY.
The Kraken exchange adds this support and will roll out everything starting June 17, with Australian users being able to deposit fiat onto the exchange through banks that support the Osko/PayID payments.
After Kraken acquired Bit Trade in January 2020, we could see how Kraken onboarded the entire exchange team with Bit Trade executive Jonathan Miller taking on the role of being a managing director for Kraken’s Aussie operations.
For those of you who did not follow our Bitcoin news before, Bit Trade is an exchange that launched in 2013 and grew to comprise both a retail exchange as well as an over-the-counter (OTC) trading desk in Australia. They were also one of the founding members of the Blockchain Australia association.
Now, Kraken is joining an increasing number of international exchanges which are pushing the Australian crypto market through. The crypto regulation news from Australia show that while there is no specific legislation of owning crypto, there are many exchanges that joined the space.
In 2016, Coinbase expanded into Australia and the Coinbase news showed that the exchange started supporting debit card purchases in AUD. In March 2019, Binance also launched a fiat on-ramp for Australian users coming in the form of Binance Lite – and later this year, the exchange rolled out limited support for AUD deposits on its international exchange.
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