Kraken, a cryptocurrency exchange located in San Francisco, has launched foreign exchange trading on Thursday, starting with nine new fiat currency pairs.
The firm said in a blog post:
“It’s now even easier for active traders and institutions to avoid friction when executing orders on Kraken with the launch of nine new FX pairs, a combined offering that will allow clients to be more agile and sophisticated when trading across our markets.”
The pairs will be as follows:
Traders everywhere in the world, excluding citizens of the US, can use the Kraken app to exchange directly in pounds, US dollars, Canadian dollars, Japanese yen, UK sterling and Swiss francs.
“This service is complete with industry-low order minimums, giving clients maximum precision and control over their strategies,” the blog post said.
It seems that Kraken is the first major crypto platform to access the forex market.
Prices are shown at five decimal points, except for JPY -pairs, which are shown at 3 points.
The exchange has described its decision to provide forex services as something that will allow its customers in their trading strategies to be “more agile and sophisticated.’
Platform eyes Indian market
Kraken has made a commitment to expanding in India after one week from the Supreme Court’s decision to overturn a two-year ban on banks dealing with cryptocurrency firms .
The exchange committed to the potentially massive market, which in April 2018 saw its crypto industry suppressed by the order of the central bank preventing banks from providing services to firms such as exchanges.