Cryptocurrency exchange Kraken has announced the launch of perpetual forex contracts, adding new opportunities for traders in the global currency markets.
Launch of Forex Perpetual Contracts
On April 18, Kraken introduced perpetual forex contracts on its Kraken Pro platform. The first two available contracts are the euro to US dollar (EUR-USD) and British pound to US dollar (GBP-USD). Both contracts feature 20x leverage and have no expiry date, setting them apart from traditional futures contracts.
Expansion of Kraken's Capabilities
This move is part of Kraken's strategy to enhance its presence in the financial markets by blending digital assets with traditional financial products. Kraken has been offering spot forex trading to clients worldwide since March 2020.
Future Strategy
The company is also moving forward with plans to purchase the retail futures platform NinjaTrader for $1.5 billion, aiming to expand its offerings to U.S. residents. Additionally, Kraken has partnered with Mastercard to launch a crypto debit card.
Kraken continues to grow actively, implementing new products and services that highlight the company's ambition to establish a significant presence in financial markets. An initial public offering is also expected in the near future.
