Kraken, a major cryptocurrency exchange, has announced its support for Australian Dollar (AUD) trading pairs and account financing.
The Australian dollar on the platform trades against Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH) and Tether (USDT).
The Australian dollar is the seventh currency backed by Kraken. It combines US Dollars, Canadian Dollars, Euros, Japanese Yen, British Pounds and Swiss Francs.
Kraken customers residing outside the US will also be able to trade Forex currency pairs based on AUD against US dollars, euros and Japanese yen.
Kraken begins financial support for AUD
Kraken launches AUD support on June 17, and Australian users will be able to deposit notes into the stock exchange through banks that support Osko / PayID payments.
This happens after the company bought the longest exchange in Australia, Bit Trade, in January. This acquisition enabled the Kraken team to fully embrace the Bit Trade team, and Bit Trade CEO Jonathon Miller became CEO of the Australian company Kraken Operations.
Bit Trade was launched in 2013, and now includes both a stock exchange and a sales office in Australia. The stock exchange was one of the founders of the Australian blockchain.
Stock exchange fights for Australian dollar market share
Kraken is currently joining a growing number of international exchanges competing for the Australian cryptocurrency market.
In 2016, Coinbase expanded to Australia, and Coinbase supported the purchase of Australian dollar discount cards.
In March 2019, Binance Hillside launched the Fiat platform for Australian users in the form of Binance Lite. In January of this year Binance provided limited support for deposits in Australian dollars on the international stock exchange.
In February 2019, Huobi Australia stopped operations due to “poor market conditions” during Crypto Winter eight months after the office opened.