Tezos (XTZ) moved one step closer to European buyers with a listing on Kraken. Trading started this Tuesday at 11:00 ET. The next stage of widening exchange listings for XTZ follows the official launch of the mainnet and the track of stability on the network.
XTZ will be open on both the old and new Kraken trading platforms, allowing for a smoother user experience. Kraken has been an exchange instrumental to the crypto ecosystem, despite the relatively low volumes and problems with the trading interface.
The breakthrough for XTZ with Kraken means the asset will be available through a fully legalized exchange compliant with the latest European financial regulations. Kraken is also the only exchange with a fiat off-ramp for Tether (USDT) trading.
Following the news of the listing, XTZ picked up the pace, with trading volumes above $4 million in 24 hours. XTZ is seen as a relatively underestimated asset, which still has a market cap below $1 billion. XTZ prices have moved between $5.91 and lows of $1.14 this September.
XTZ jumped from around $1.25 to as high as $1.37 in the past day, rising around 7% in the past 24 hours. Without Kraken, XTZ is listed in a total of 18 pairs, including trading against USDT and USD. More than 42% of XTZ volumes are against USDT, a potential hazard given the current breaking of the dollar peg. Most of the XTZ activity is centered on Gate.io.
However, Kraken may be an exchange used to liquidate baking rewards - as it is also traditionally an exchange where miners liquidate some coins and tokens for cash.
Tezos is a project attractive for the “baking” process, a form of coin staking allowing for passive income. Owners of 10,000 XTZ can also do their own “baking” process. The Tezos project is also attempting to attract developers with a grant and education program, as development on the platform is crucial to its success. Tezos offers Turing-complete smart contracts, like Ethereum, but so far has more limited activity in the creation of real-world applications.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.