Key Takeaways
- Kraken is also working on launching own blockchain network ‘Ink’
- The new service allows eligible clients to trade crypto-based derivatives.
Leading crypto exchange Kraken has launched a licensed brokerage service in Australia to cater to institutional and wholesale clients. Reportedly, the new service allows eligible clients in Australia to trade crypto-based derivatives.
Jonathan Miller, Kraken’s General Manager for Australia, emphasized Kraken’s focus on meeting the needs of local wholesale clients. “Australian clients are seeking licensed options to implement advanced trading strategies backed by Kraken’s strong security standards,” Miller noted. He further described Australia as a “cornerstone” of Kraken’s global operations
The brokerage service provides access to over 200 assets, supporting various types of collateral, including fiat currencies, stablecoins, and cryptocurrencies. The platform also incorporates risk management tools, offering clients 24/7 support. Kraken, however, cautioned investors about the risks tied to crypto derivatives, as losses could surpass initial investments.
This move is part of Kraken’s broader expansion into the Australian market. Earlier this year, Kraken extended its custodial services to local institutional clients and has announced plans to launch a blockchain network, dubbed “Ink,” by early 2025.
As per the official statement, the blockchain network aims to streamline defi by allowing users to trade, borrow, and lend tokens without intermediaries. The latest development comes days after Kraken announced a 15% layoff, a corporate restructuring, and an appointment of a new co-chief executive.
