Crypto exchange Kraken partnered with Etana Custody to enable deposits and withdrawals of multiple fiats on its trading platform.
According to Monday’s announcement, the clients of the exchange can deposit US dollar, euro, Canadian dollar, British pound, and Japanese yen using Etana Custody. However, the service is limited to intermediate and pro-accounts of the platform.
“In collaboration with Etana Custody, almost every Kraken client across 180+ countries has access to new funding options in five major currencies – USD, EUR, CAD, GBP, and JPY. The new options are available to Intermediate and Pro accounts (Starter accounts can upgrade to get access),” the announcement noted.
For Japanese yen, however, the domestic deposit and withdrawal services are not available.
Integrating fiat services for clients
The announcement detailed that the Etana Custody Wallet is directly connected to the Kraken accounts. Traders only need to create and verify their Etana wallet to wire funds from their bank accounts.
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“To deposit, wires are sent to Etana, then quickly credited to the client’s Kraken account. To withdraw, funds are quickly debited from the client’s Kraken account, where they can be held in the Etana Custody Wallet, or wired to the client’s bank account,” the exchange stated.
The collaboration also provided the US-based crypto exchange to open its markets through the Meta Trader (MT-4 and MT-5) trading platforms.
Headquartered in Dunedin, New Zealand, Etana Custody provides custodial solutions for digital assets. The platform also offers currency conversion services with an array of fiats, so Kraken clients can wire the deposits in any supported currency and get them converted to any of the five fiats.
Kraken is one of the longest-operating cryptocurrency exchanges worldwide and lists 24 digital currencies, offering 74 trading pairs. According to the company, it handled $85 billion worth in crypto trades in 2018, a year when the market went down significantly.
The exchange recently raised more than 10 million with a preferred share offering to retail investors with a minimum investment of $1,000.
It is also expanding its offerings, and recently poached Kevin Beardsley, a former managing director of B2C2, to lead its futures business development.