Kraken has introduced a licensed crypto derivatives brokerage service in Australia, specifically designed for wholesale clients who meet eligibility requirements. This strategic launch aims to enhance institutional access to crypto derivatives, enabling qualified investors to execute advanced trading strategies without holding the underlying assets directly.
Hey Australia – big news! We are now offering access to crypto-based derivatives for eligible wholesale clients via our Australian financial services licensed broker.Read more here:https://t.co/beFhgGaGGm pic.twitter.com/wl1jbfMVjE
— Kraken Exchange (@krakenfx) November 3, 2024
Advanced trading tools for eligible wholesale clients
Kraken now offers Australian wholesale clients access to over 200 tradable assets, including cryptocurrencies, stablecoins, and fiat-based multi-collateral options through its platform. This variety allows clients to manage risk profiles more effectively while utilizing sophisticated trading tools. In addition, Kraken has implemented round-the-clock customer support to ensure that clients can receive assistance whenever needed. Kraken’s General Manager for Australia, Jonathon Miller, emphasized that the new product is tailored to meet the specific needs of wholesale clients looking to pursue advanced trading strategies through a licensed broker with a strong commitment to security.
Commitment to compliance amid regulatory challenges
Kraken’s recent move comes when the Australian crypto market faces regulatory uncertainty, especially surrounding crypto derivatives. In the past, Kraken encountered legal obstacles related to its margin trading services in Australia. The new brokerage offering aims to address those challenges by aligning with local regulatory standards, ensuring that it meets the compliance requirements set for the sector. Only qualified wholesale clients with net assets exceeding AUD 2.5 million or an annual income above AUD 250,000 for the past two years can access the service. This requirement is intended to restrict the offering to experienced investors familiar with high-risk financial products.
Expanding market presence with a focus on security
Despite previous setbacks, Kraken continues strengthening its foothold in Australia’s cryptocurrency market. This launch of a licensed crypto derivatives brokerage highlights Kraken’s ongoing dedication to providing secure and compliant services for institutional investors.
The company emphasizes the security of its custodial solutions, addressing institutional concerns over asset protection. Kraken’s platform also promises deep liquidity and competitive pricing designed to enhance its clients’ trading experience. Eligible clients can explore the new brokerage features through the Kraken platform and confirm their status via the Kraken Pro app.
Introducing $kBTC – an ERC-20 token fully backed 1:1 by Bitcoin, held securely by Kraken and always verifiable onchain. More possibilities.More functionality.More transparency.Let’s take a closer look pic.twitter.com/VammHbyJKm
— Kraken Pro (@krakenpro) October 17, 2024
In addition to its brokerage services, Kraken recently introduced kBTC, a wrapped Bitcoin token pegged 1:1 with Bitcoin. This token aims to expand Bitcoin’s functionality within the Ethereum and OP Mainnet ecosystems. It allows Bitcoin holders to access decentralized finance (DeFi) applications on other blockchains, backed by on-chain proof and regular audits for transparency.
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