Thursday, 18 June 2020 05:58

US bitcoin exchange Kraken launches Australian operation

Kraken Australia managing director Jonathon Miller. Kraken Australia managing director Jonathon Miller. Supplied

San Francisco-based Kraken, a secure bitcoin exchange, has launched operations in Sydney, with the Australian dollar to become its seventh fiat currency.

A statement from the company on Wednesday said the Australian dollar would join the US dollar, Canadian dollar, Swiss franc, the euro, the British pound and Japanese yen. Clients would be able to trade in cryptocurrencies including bitcoin, ethereum, litecoin, ripple, bitcoin cash and tether.

The company, founded by chief executive Jesse Powell in 2011, is claimed to be consistently rated the secure exchange for digital assets.

In January, Kraken acquired Bit Trade, Australia's longest running cryptocurrency operation.

Kraken Australia managing director Jonathon Miller said the company was being launched at an exciting "when Australian investors increasingly turn toward cryptocurrencies to diversify their portfolios".

“We are entering the market at just the right time with a market-leading digital asset exchange that will resonate with Australians looking to diversify into some of the world’s most exciting Crypto
assets," Miller added.

The company claimed that the interest in cryptocurrency had been rising as it had seen a record number of sign-ups since March.

Miller noted that Kraken had hired 200 new workers to meet this new client demand. In addition to Kraken’s low trading fees in Australia, it will now offer instant funding to domestic clients who are making deposits through Osko and PayID enabled Australian banks.

More than four million traders, institutions and authorities are claimed to use Kraken. In 2018, about US$90 billion was processed. Kraken's investors include Hummingbird Ventures, Blockchain Capital and Digital Currency Group, among others.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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