Kraken has launched support for trading and funding in AUD six months after acquiring veteran Australian crypto exchange Bit Trade.
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Major cryptocurrency exchange Kraken has announced support for Aussie dollar (AUD) trading pairs and account funding.
AUD is the seventh fiat currency to be supported by Kraken, joining USD, CAD, EUR, JPY, GBP, and CHF.
Kraken clients based outside of the United States will also be able to trade AUD-based foreign exchange pairs against USD, EUR, and JPY.
Kraken launches AUD funding support
Kraken will launch AUD support on June 17, with Australian users able to deposit fiat onto the exchange through banks that support Osko/PayID payments.
The move follows the firm’s acquisition of Australia’s longest-running crypto exchange Bit Trade in January. The acquisition saw Kraken onboard Bit Trade’s entire team, with Bit Trade executive Jonathon Miller taking on the role of managing director for Kraken’s Australian operations.
Bit Trade launched in 2013, growing to comprise both a retail exchange and over-the-counter trading desk in Australia. The exchange was a founding member of the Blockchain Australia association.
Exchanges compete for AUD market share
Kraken now joins an increasing number of international exchanges vying for Australia’s crypto market.
In 2016, Coinbase expanded into Australia, with Coinbase supporting debit card purchases in AUD.
In March 2019, Binance launched a fiat on-ramp for Australian users in the form of Binance Lite. In January of this year, Binance rolled out limited support for AUD deposits on its international exchange.
In February 2019, Huobi Australia ceased operations citing “poor market conditions” during Crypto Winter eight months after the office opened.