Kraken cryptocurrency exchange USDC users can now trade the stablecoin on its platform.
This is according to an official blog post by Kraken, stating its users can now deposit and withdraw funds USDC on it.
The USDC trading pairs will include XBT/USDC, ETH/USDC, USDC/EUR, USDC/USD and USDC/USDT. However, USDC is currently functional only on Kraken, Kraken Pro, and its OTC trading platforms. Not on Kraken’s Futures and Margin Trading.
USDC is a stablecoin backed by the US Dollar. Just like other stablecoins, it is designed to mitigate the effects of volatility. Also facilitating hitch-free and fast movement of funds anywhere in the world. Boasting of market cap of over $500 million, USDC stands out in the crypto space. Built on Ethereum’s ERC-20 network, issued by Coinbase and backed by Circle consortium.
“As of December 1, 2019, over $1.3 billion USDC has been issued with $830 million redeemed,” the exchange notes
Kraken also disclosed that it has plans to list other crypto assets in the nearest future, but refused to give further details about the proposed listing. The exchange said, “Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.”
Alongside the listing, Kraken has also advised users on its platform to trade with caution. Asking them to always carry out personal research before investing. And adding, “Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research, and invest at your own risk.”
In December 2019, Kraken acquired Circle’s OTC desk. It also currently supports Tether and DAI.
Recently, Coinbase CEO Brian Armstrong’s vision of 2020. He expounded on blockchain and crypto usage. And explained why we’re about to see the rise of a new type of billionaires.
Do you like USDC? Are you a user of Kraken? If so, share your thoughts about them.