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Kraken Includes Support for Monero Cryptocurrency

Avatar Gautham 3 years ago

Kraken, one of the leading cryptocurrency exchange platforms has announced the inclusion of a new cryptocurrency offering. The exchange announced the new development in its latest blog post, published a few days ago.

Monero, the anonymous cryptocurrency based on CryptoNight protocol has been exhibiting a promising trend in the cryptocurrency industry lately. Its inclusion into Kraken is going to offer the digital currency a much-needed boost to further improve its foothold in the market.

Monero is currently the fifth largest cryptocurrency in terms of market capitalization. The digital currency currently trading between $11 and $12 made the headlines recently after being adopted by few leading darknet marketplaces.

Kraken in its blog states,

“Monero is one of the leading cryptocurrencies that has seen huge 40x market cap growth in 2016 and trades with high volume and liquidity.”

With the launch of Monero support, Kraken users can access XMR/XBT, XMR/EUR and XMR/USD trading pairs. In the coming days, the cryptocurrency platform also intends to introduce margin trading for its latest digital currency offering.

Security experts have earlier indicated the potential rise of Monero on the deep web. The core principles of Monero — privacy, decentralisation, open development, scalability and fungibility will enable the digital currency to compete with Bitcoin when it comes to anonymous usage. Few have predicted a rise in the usage of Monero among hackers and cyber criminals owing to its unique decentralised ledger which makes tracking virtually impossible.

In its blog post, Kraken mentions the upcoming Monero hard fork at block 1220515 to enable RingCT transactions. It also advises users to upgrade to Monero v0.10.1 before the hard fork to ensure better stability and privacy. Eventually, the hard fork was introduced successfully on January 10, 2017.

Kraken had indicated that all XMR deposits on the platform will go offline before the hard fork and will remain so for few hours after the completion.

The development team behind Monero has consistently been working on new upgrades and product offerings. Even though XMR might not replace Bitcoin as the preferred cryptocurrency, it is expected to find broad application in the market.

Ref: Kraken Blog | Image: NewsBTC
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