The large Kraken cryptosystem exchange has announced its support for currency pairs and the funding of Australian dollar (AUD) accounts.
Australian dollars will be tradable in exchange for Bitcoin Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and Tether (USDT) on the platform.
The AUD is the seventh fiduciary currency supported by Kraken, joining USD, CAD, EUR, JPY, GBP, and CHF.
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Kraken clients outside the United States will also be able to trade AUD-based currency pairs in exchange for USD, EUR and JPY.
Kraken launches financial support for AUD
On June 17, Kraken will launch support for AUD; Australian users will now be able to deposit fiat on the exchange through banks that support Osko/PayID payments.
The move follows the company’s acquisition of Australia’s oldest crypto currency exchange, Bit Trade, in January. The acquisition brought Kraken on board with the entire Bit Trade team, with Bit Trade executive Jonathon Miller assuming the role of chief operating officer for Kraken’s Australian operations.
Bit Trade was launched in 2013, and has expanded to include both a retail exchange and an over-the-counter trading desk in Australia. The exchange was a founding member of the Blockchain Australia association.
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Exchanges compete for AUD’s market share
Kraken joins a now growing number of international exchanges competing for Australia’s crypto coin market.
In 2016, Coinbase expanded to Australia; the exchange supported AUD debit card purchases.
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In March 2019, Binance launched an access ramp for Australian users in the form of Binance Lite. In January of this year, Binance deployed limited support for AUD deposits on its international exchange.
In February 2019, Huobi Australia ceased operations on the grounds of „poor market conditions“ during the crypto-winter, eight months after the opening of the office.