Wednesday, January 8, 2022

Kraken cryptocurrency exchange includes USD Coin (USDC) on its platform

San Francisco-based cryptocurrency exchange Kraken is going to list USD Coin (USDC), a US dollar-based stablecoin, on its platform starting today January 8.

The exchange made the announcement in a blog p

ost published on January 7. According to Kraken, this stablecoin serves as a hedge against the volatile nature of cryptocurrencies. the announcement reads:

USDC is a fully collateralized, U.S. dollar-based stablecoin. Similar to other stablecoins listed on Kraken, USDC serves as a hedge against crypto volatility, provides immediate liquidity to crypto holders, and can be used to seamlessly and quickly move assets around the world.”

According to the exchange, USDC will be paired with Bitcoin (BTC or XBT), Ether (ETH), Euro (EUR), USD, and Tether (USDT).

Kraken further said that it would add more assets in future but according to its policy, it will reveal any details until shortly before launch, not even about which assets they are considering.

USD Coin (USD) was launched in October 2018 and currently, it is the second-biggest stablecoin in the world, with a current market capitalization exceeding $500 million. USDC is a token built on Ethereum and most of its value comes from its ability to become a safe haven during rough market situations.

According to the blog post, USDC is the first fiat-backed stablecoin to be minted by member organizations of the CENTRE Consortium, a membership-based framework and governance scheme for the development and growth of money on the Internet founded by Circle and Coinbase.

Kraken Based in San Francisco, provides cryptocurrency to fiat trading as well as in various fiat currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen. It is the first exchange to pass a cryptographically verifiable proof-of-reserves audit.

The Kraken’s Twitter handle, on January 7, also shared the news that law enforcement requests to the exchange hit their highest ever volume in 2019, rising 49% to 710 as compared with 475 the previous year. In the tweet, the exchange shared a snapshot taken from the new 2019 Transparency Report from Kraken’s compliance team.

Kraken said:

It’s that time again. Here’s a snapshot of our Compliance team’s 2019 Transparency Report. Team America still ahead with 61% of total requests, down from 66% last year. Other geos gaining fast. Trend is obvious. Costs are increasing, even in a relatively flat market.”

As reported by Crypto Economy, Kraken also acquired the Circle Trade’s over-the-counter (OTC) desk on December 17.

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