Kraken, the major cryptocurrency exchange, has launched support for trading pairs and account funding in the Aussie dollar (AUD).
It has been reported that Australian dollars will be tradeable against Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and Tether (USDT) on the platform.
However, AUD is the seventh fiat currency to be supported by Kraken, joining USD, CAD, EUR, JPY, GBP, and CHF.
The report said that Kraken clients based outside of the US will also be able to trade AUD-based foreign exchange pairs against USD, EUR, and JPY.
It has been analyzed that Australian users will be able to deposit fiat onto the exchange through banks that support Osko/PayID payments after the launch.
Australian traders can now fund their Kraken accounts through banks that support PayID or Osko payments https://t.co/LnSZ3RxXzQ — Cointelegraph (@Cointelegraph) June 17, 2020
The move follows the firm’s acquisition of Australia’s longest-running crypto exchange Bit Trade in January, as the acquisition saw Kraken onboard Bit Trade’s entire team, with Bit Trade executive Jonathon Miller taking on the role of Managing Director for Kraken’s Australian operations.
Launched in 2013, Bit Trade is growing to comprise both a retail exchange and over-the-counter trading desk in Australia, as the exchange was a founding member of the Blockchain Australia association.
Thus, Kraken now joins an increasing number of international exchanges competing for Australia’s crypto market.