Kraken adds 26 new crypto trading pairs to attract the market of UK and Australia. Now, the customers using the Australian dollar (AUD) and pounds sterlings (GBP) will have a double number of trading pairs available to them.
Kraken announced this new development through a press release on Thursday. This move will increase and improve the presence of exchange in Australian and British markets. In the explanation, the spokesperson said that these markets have a significant ‘upside potential‘.
The cryptocurrency market is popular among the investors owing to its potential. In the wake of coronavirus pandemic, dollar and other fiat currencies are losing value due to inflation. Governments, in an effort to give relief packages, have printed more money than ever before. The investor’s trust in paper money has diminished as a result of all this.
Bitcoin and other cryptocurrencies have shown their muscle in the face of dwindling economies. 2021 saw a strong bull rally pushing both bitcoin and altcoin to all-time highs. The total market cap of crypto hit a whopping 1 Trillion USD.
Both old and new investors are banking on the opportunity provided by cryptocurrency. The top 100 bitcoin addresses have topped up their wallets with additional bitcoin in last 2 months. Moreover, wall street investors are buying bitcoin as a hedge against risk.
Kraken and other exchanges are realizing the imminent institutional adoption of cryptocurrency. Therefore, there is widespread innovation drive by the crypto exchanges for the facilitation of new investors. Jonathon Miller the Managing director of Kraken Exchange Australia remarked,
The digital currency industry is at a critical tipping point as institutional investors start to allocate into the asset class.
So, we will likely see more expansion by crypto industry in the near future. The world is ushering into an era of digital currencies.