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Kraken to Enable Worldwide Fiat Funding Options
A partnership with custodian Etana will enable Kraken clients to wire funds to their exchange accounts.
By Daniel Kuhn
Updated Sep 13, 2021, 11:15 a.m. Published Jul 31, 2019, 3:30 p.m.
The regulated spot and futures crypto exchange Kraken announced a wire service through Etana Custody that will allow users to transact in U.S. dollars, euros, Canadian dollars, British pounds, and Japanese yen from anywhere in the world.
Though the new feature is available immediately to Kraken’s Intermediate and Pro clients, across nearly 180 countries, it requires users to create an Etana Custody Wallet. Additionally, users' bank accounts will be linked to this wallet, which will be topped off through wires that can take up to 1-5 days to process, according to a company blog.
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From there, however, the Etana wallet is instantaneously connected with a user’s Kraken account and will support free and expedient transfers.
Additionally, “Etana provides currency conversion for many fiat currencies. Clients can wire almost any currency to their Etana wallet, then convert to one of the five major currencies to fund their Kraken account.”
Etana supports the domestic or international withdrawal and deposit of all the currencies listed above, except for domestic transactions in Japan yen.
In June, Kraken announced it had passed the coveted $4 billion valuation mark, after a 2,000 plus participant funding round. The firm also announced that it holds over $100 million for a self-run insurance fund.
Starter accounts on Kraken must update for this feature.
Kraken logo via Shutterstock
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