Kraken Exchange Introduces Swiss Franc
One of the most popular exchanges adds a highly valued fiat pair, expanding the potential to switch assets.
The Kraken exchange now allows the funding of accounts in Swiss franc, tapping one of the most active currencies in the global finance scene. The fiat on-ramp adds to the dollar, euro, yen, and Canadian dollar.
Kraken has partnered with the Liechtenstein-based Bank Frick, offering more options for sending and receiving funds. Kraken has managed to tap into the European interest in crypto trades, and has established solid banking partnerships for a fully legal fiat on and off ramp.
The CHF is becoming more important in the world of crypto, as it is one of the most stable global currencies. The CHF has been allowed by the BiboxEurope exchange as well. Switzerland is one of the countries with the highest interest in crypto assets, and allowing a direct entry may boost Kraken’s presence in Europe.
The minimum deposit will be 100 CHF, with maximum deposits and withdrawals based on account tiers. Initially, trading will start on the BCH/CHF and ETH/CHF pairs. The addition of CHF allows for a direct funding, while other currencies on Kraken get automatically exchanged to EUR. This may add costs and cause a small loss due to bank exchange rates.
Kraken remains one of the instrumental fiat-to-crypto exchanges, offering a highly active BTC/USD pair. Currently, Kraken hosts above $78 million in daily trades, with 41% happening in the BTC/USD pair. The exchange has also entered the competition for BTC futures trading with its own product, allowing for risk-hedging.
The crypto ecosystem relies on the Kraken exchange for price setting, and the exchange carries one of the rare USD/USDT markets. Currently, Kraken facilitates the switch between single-collateral and multi-collateral DAI.
Recently, Kraken also joined the Silvergate Exchange Network, partnering with the Silvergate bank to offer fast fiat deposits with a 24/7 operational time. Silvergate clients can decide to fund their Kraken account at any time, without the typical delay. The option only exists for USD.