Kraken announces worldwide fiat exchange service


August 1, 2019, | AtoZ MarketsOne of the major cryptocurrency exchange – Kraken has announced the addition of the five largest fiat currency to its crypto trading platform. Kraken tied-up with Estana Custody to offer new options for fiat deposits and withdrawals in five major currencies. 

New funding option in 5 major currencies 

According to the announcement by Kraken, now users of the exchange can use the Etana wallet to replenish their deposits in the following currencies: U.S. dollar, Euro, Canadian dollar, Japanese yen, British pound sterling. 

As the interest in cryptocurrecny is growing every year, so the infrastructure in this area is developing very fastly. Development of Kraken exchange will help many new users to join the digital economy. Till date, the exchange officially operates in 180 countries around the world.

As the transfer only rely on wire transfers method, processing time remains between 1-5 business days. Also, in addition to funding support, Estana will provide Kraken clients with conversion between any of the five fiat currencies. In addition to that, Kraken markets will be live via the famous forex trading platforms i.e. MetaTrader 4 and 5. 

Major crypto exchanges adapting fiat onramps

The exchange of fiat currency for cryptocurrency will begin to trade on crypto exchange. This concept has been an issue within the crypto sector since long time. But increasingly the exchanges are implementing the options that seek to make this conversion as straightforward as possible.

One of the major European cryptocurrency exchange Bitstamp also announced a partnership with digital asset brokerage BCB Group in order to support direct transfers in GBP. This is expected to go live by the end of this year.

With the UK on the edge of leaving the European Union, the exchange is making sure its clients from the UK can continue to have access to fiat transfers on the European trading platforms.

Moreover, today, Swiss crypto exchange Smart Valor launched trading of four fiat currencies with Bitcoin and Ethereum.

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