Kraken Expands Fiat Currency Support for Deposits And Withdrawals


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Cryptocurrency exchanges always try to cater to consumers all over the world. Buying bitcoin and other cryptocurrencies remains a major challenge for most people these days. The process can be facilitated by enabling support for additional local fiat currencies. Kraken, one of the world’s largest exchanges, enabled a few new fiat currency funding options for wire transfers. This may help elevate the company to new heights over the coming months.

It is good to see Kraken expand their service quite a bit. Enabling additional support for different national currencies when it comes to wire transfers is a smart move. Up until this point, the list of support wire transfer currencies was relatively small. In a new email sent out to all customers, that list suddenly got expanded by quite a margin. One of the major additions is USD support, which is not chosen randomly by any means.

Given the current USD issues affecting the Bitfinex exchange, Kraken is looking to take its place. Taiwanese banking reforms cause some issues for companies dealing with USD deposits. BTC-E is another exchange affected by these reforms as well. Kraken, on the other hand, is only now enabling USD support after working on all regulatory compliance requirements. Exchange users can now denominate wire transfer in USD without any issues, which is a nice addition.

Kraken Looks To Improve its Market Position

Other currencies now supported by the exchange include EUR and GBP. Both of these currencies are enabled as payment options for both wire deposits and withdrawals. Deposit features have been updated for all users already, which is a nice touch. The additional withdrawal options will go into effect as of April 24h. It is always good to have more funding and withdrawal options at one’s disposal. Moreover, it reduces the need for fiat currency conversions when dealing with incoming wire transfers in a different currency as well.

Kraken is well underway to further solidify its position as one of the world’s leading exchanges. Bitfinex and BTC-E are suffering from USD transfer issues. Chinese exchanges have halted bitcoin and litecoin withdrawals for an undisclosed period of time. Any exchange not bogged down by issues needs to make a play if they want to improve their standing. Kraken is doing exactly that, although it is likely other exchanges will try to follow their example.

Moreover, given bitcoin’s upward momentum right now, these changes cannot come at a more opportune time. Kraken acknowledges now is the time to strike and make improvements. The company also recently added the Dash cryptocurrency trading pair to its platform. With these new deposit methods, all supported currencies on the platform will see some more exposure. It will be interesting to see how things unfold over the coming months.

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