Australian Dollar (AUD) funding and trading goes live on Kraken

By Edil Corneille

San Francisco-based Kraken, a digital asset exchange, has announced that clients can now fund their account and trade with the Australian dollar (AUD) on its platform. The AUD becomes Kraken’s seventh fiat currency, joining USD, CAD, CHF, EUR, GBP and the JPY.

CoinDesk apprised that Kraken would be opening its operations in Sydney, with local clients being able to fund their accounts in Australian dollars (AUD).

This latest announcement by Kraken follows its January 2020 acquisition of Australian cryptocurrency exchange Bit Trade. The American digital asset exchange mentioned that this represents its continued pursuit of building bridges between crypto and the traditional financial markets.

As of June 17, 2020, individuals will be able to trade popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin along with Ripple, Bitcoin Cash and Tether against the AUD.

Clients based outside the U.S. will also have the opportunity to trade AUD FX pairs against the U.S. dollar, euro and Japanese yen with industry-low order minimums, making it even easier to gain exposure to more assets when executing orders.

Additionally, Kraken will offer instant funding to domestic clients who are making deposits through Osko and PayID enabled Australian banks.

Founded in 2011, Kraken states that it was the first bitcoin exchange to have its market data displayed on the Bloomberg Terminal, the first to pass a cryptographically verifiable proof-of-reserves audit, and one of the first exchanges to offer leveraged bitcoin margin trading.