US-based cryptocurrency exchange Kraken announced this week that it has added the Australian dollar (AUD) as its seventh fiat currency, allowing clients to fund their accounts and trade with the currency.
The Aussie dollar joins six other fiat currencies – the United States dollar, Canadian dollar, Swiss franc, Euro, British pound and the Japanese yen. As of today, the 17th of June, users of Kraken will be able to trade popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash and Tether against the AUD.
For its clients outside of the US, they will also be able to trade the AUD in FX pairs. Specifically, the Australian currency can be traded against the USD, EUR and JPY with industry-low order minimums, the exchange said.
In particular, clients of Kraken can trade the following pairs: XBTAUD, ETHAUD, BCHAUD, XRPAUD, LTCAUD, USDTAUD and AUJPY, AUDEUR, AUDUSD for clients outside of the US.
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“Additionally, we will offer instant funding to domestic clients who are making deposits through Osko and PayID enabled Australian banks,” Kraken said in its statement on Tuesday.
Kraken continues expansion into Australia
The move comes as the San Francisco-based platform is turning to traditional forex trading to allow their cryptocurrency traders to expand their horizons and begin trading into a $6 trillion market.
The latest move from Kraken follows on from the exchange acquiring Bit Trade, the longest-running crypto operation in Australia. It also represents the company’s continued pursuit of building bridges between crypto and the traditional financial markets.
As Finance Magnates reported, Kraken recently launched direct cryptocurrency-to-cryptocurrency conversions, with the addition of 11 new trading pairs through expanded options for converting ether (ETH), USDT and Pound Sterling (GBP).
For example, converting Bitcoin Cash (BCH) to ETH on Kraken previously required two distinct trades. But with the new BCH/ETH trading pair, clients can save more fees as this conversion can be done directly, allowing clients to simply sell BCH directly for ETH.