Kraken, one of the prominent crypto exchanges, has launched a licensed brokerage service in Australia. This service kicked off on November 3 and is targeted at the big players in the market and institutions. It enables them to trade cryptocurrency-related products without having to own the cryptocurrencies.
Kraken Pro Access
As of a recent report, Australian clients can use this service through the Kraken Pro application. This way, it is convenient for investors to ensure they meet the requirements and begin trading. Kraken has obtained an Australian financial services license to show its compliance with the local laws and accommodate institutional clients.
ASIC Wins Against Kraken’s Bit Trade, Court Questions Non-ComplianceThe new service offers several models for trading cryptocurrencies derivatives. This way users can select fiat money, stablecoins, or other cryptocurrencies as a collateral which is quite convenient and secure in the crypto sphere. Yet, Kraken has advised its clients on the possible risks that are associated with it.
Focus on Regulatory Compliance
According to Jonathan Miller, Kraken’s general manager for Australia, many Australian investors seek regulated, secure ways of engaging in complex trades. He described Australia as a “cornerstone” of Kraken’s operations on the international market. Miller added that Kraken continues to adhere to Australian regulations and cater to the needs of institutional investors.
Besides its new service in Australia, Kraken plans to launch its blockchain known as “Ink” by early 2025. The report indicates that Ink will enable users to exchange, loan, and borrow tokens without brokers. This is set to ease the use of decentralized finance (DeFi) and reduce the cost. It also indicates Kraken’s transition to Web3, focusing on bringing DeFi to more people.
New services that Kraken has introduced in Australia and the upcoming blockchain show how it can grow. Kraken intends to strengthen its presence in the new crypto space. It intends to create a separate service for major investors who want to use the decentralized finance (DeFi) platform.
