In association with payment processor and security provider Vogogo, Kraken is going to offer exchange services to customers in Canada. The new partnership and expansion also equates to a new Canadian dollar/Bitcoin exchange that Kraken will provide. Thus, expanding to new region, the company is all set to emerge as a leading choice among customers in Canada.
Nonetheless, as all exchanges are constantly looking for ways to gain a competitive edge and moving to another country, the move was in pipeline for quite some time for Kraken. Those who have been following Kraken admit that the Bitcoin exchange was planning all along to expand its operations to Canada, the country that has most favorable conditions for Bitcoin.
The Bitcoin exchange informs the media that Canadians who use its service would benefit from low fees and good technology. Nonetheless, it’s hard to tell if that will be enough to get them to start using it, from wherever they currently get their Bitcoins. Canada boasts to have advanced infrastructure for Bitcoin exchanges and tech savvy population that understand Fintech well.
Thus, Kraken expects that Bitcoin exchange services that it is going to offer for customers are going to become popular. The company has officially launched in Canada following a partnership with digital currency industry-focused risk management specialist Vogogo as it realized that Vogogo is a reliable partner.
Moreover, as the San Francisco-based Bitcoin exchange now allows users in Canada to convert Canadian dollars into digital currencies using Interac e-Transfer and electronic fund transfers (EFT), a lot of Bitcoin users would flock in large numbers. Nonetheless, trading fees are then priced between 0.10% and 0.35%, with more active traders receiving more attractive rates.
Canadian Market has huge potential as it gives Ideal Operating Conditions
Talking about the operations in Canada, Kraken CEO Jesse Powell said that the company saw significant potential in the Canadian market. According to him the exchange has been one of the most active US firms in the global market, opening to Japan and adding GBP trading in October.
Additionally, he admitted that his company was one of the more prominent businesses to pull out of the US market over legal concerns. Nonetheless, Kraken has become the latest US Bitcoin exchange to enter the Canadian market, a move that follows the closures of former market leaders CaVirtex and Vault of Satoshi in early 2015.
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