Kraken Implements New Funding Options for 5 Fiat Currencies
The US-based crypto exchange Kraken is rolling out new funding options for five major fiat currencies. In order to do so, the exchange has partnered with Etana Custody.
Let’s check this out.
Kraken’s New Funding Options
Yesterday, July 29, the crypto exchange put out an official announcement saying that it will offer new funding options for US dollars, Euros, Canadian dollars, British Pound, and Japanese Yen.
Kraken’s global customer base can access the fiat funding options by linking their bank account and wiring funds to the in-built Etana Custody Wallet, which is integrated into Kraken customer accounts. The new funding options are only available for “Intermediate” and “Pro” level traders and are not available for “Starter” Kraken accounts.
The processing times are estimated to take between 1–5 business days as money exchange relies on wire transfers.
The announcement states further that along with funding support, Etana will provide Kraken accounts with conversion between any of the five fiat currencies. And further, Kraken markets will also now be available via the forex trading platforms MetaTrader 4 and 5.
“Onramps,” or the exchange of fiat currency for cryptocurrency to begin trading on a crypto exchange, has been an issue within the sector for some time. But increasingly, exchanges are implementing options that seek to make this conversion as straightforward as possible.
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Only yesterday, major European crypto exchange Bitstamp announced a partnership with digital asset brokerage BCB Group in order to support direct transfers in British pounds sterling. This is expected to take effect by the end of this year.
With the UK on the verge of leaving the European Union, the exchange is making sure its UK clients can continue to have access to fiat transfers on the European trading platform.
Earlier today, Swiss crypto exchange Smart Valor launched trading of four fiat currencies with Bitcoin (BTC) and Ethereum (ETH).
Will this make trading in cryptocurrencies easier?
Featured Image: The Merkle