Bitcoin

Kraken Wrapped Bitcoin

U.S.-based crypto exchange Kraken is broadening its range of crypto services for Australian customers. The expansion targets eligible wholesale clients, enabling them to gain exposure to cryptocurrency price fluctuations without directly holding the assets themselves.<a href="https://blog.kraken.com/product/aus-licensed-broker-offering" rel="noopener noreferrer nofollow">In a blog announcement on November 3</a>, the crypto exchange revealed that the service is now available, allowing Australian institutions to access a variety of crypto-based derivatives under a registered financial services licence. It highlighted that the new broker service is designed for flexibility, catering to high-net-worth clients who seek the capability to execute advanced trading strategies with a licensed broker.“Our new premium product meets our clients’ trading needs and helps them to advance in their crypto journey,” Jonathon Miller, the exchange’s general manager for Australia and the Rest of World, noted in the blog post.The launch comes on the heels of recent organizational changes at Kraken. As <a href="https://www.nytimes.com/2024/10/30/technology/kraken-cryptocurrency-layoff-ceo.html#:~:text&#61;Kraken%2C%20one%20of%20the%20world&#39;s,knowledge%20of%20the%20company%20said." rel="noopener noreferrer nofollow">previously reported,</a> the exchange reduced its workforce by around 15%, aligning with other crypto companies such as Consensys and dYdX, which have also downsized due to persistent market and regulatory challenges. The job cuts, mainly impacting senior management, were part of Kraken&#39;s efforts to enhance “organizational discipline,” aimed at streamlining decision-making processes and boosting product innovation.In early September, Kraken <a href="https://blog.kraken.com/news/important-context-behind-asics-recent-judgment-and-why-australia-should-prioritise-implementing-a-clear-crypto-regulatory-framework" rel="noopener noreferrer nofollow">pushed</a> for clearer crypto regulations in Australia after a <a href="https://defi-planet.com/2024/08/asic-wins-lawsuit-against-krakens-australian-operator-for-regulatory-breaches/" rel="noopener noreferrer nofollow">Federal Court ruled that part of its margin extension product violated local laws</a>. The exchange expressed disappointment with the decision, highlighting the “confusing and uncertain regulatory environment” faced by Australian crypto investors and businesses.Later that month, the crypto exchange <a href="https://defi-planet.com/2024/09/kraken-strengthens-european-presence-with-acquisition-of-dutch-crypto-brokerage-bcm/" rel="noopener noreferrer nofollow">expanded</a> its European footprint by acquiring Coin Meester (BCM), one of the Netherlands’ oldest registered crypto brokerage firms. This strategic move is expected to bolster Kraken&#39;s position in the Dutch market. Brian Grahan, Kraken’s managing director for Europe, described the acquisition as a significant milestone in their European growth strategy.If you want to read more news articles like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.&#34;Take control of your crypto portfolio with MARKETS PRO, DeFi Planet&#39;s suite of analytics tools.”

Kraken Launches Broker Service in Australia

DeFi Planet

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