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Kraken has launched a licensed broker offering in Australia to expand access to crypto-based derivatives. Australian wholesale clients will be able to access the new service, gaining exposure to the price movement of crypto but without holding them.
Summary
Kraken Australia as an authorized broker for wholesale clients: new access to crypto derivatives
Kraken has announced the launch of a licensed broker offering for wholesale clients in Australia, expanding access to cryptocurrency-based derivatives.
https://twitter.com/krakenfx/status/1853195455477223818
“Hey Australia – great news! We now offer access to cryptocurrency-based derivatives to eligible wholesale clients through our Australian broker with a financial services license.”
In practice, Australian wholesale clients will be able to purchase crypto-derivatives, thus being able to manage risk. It is about obtaining exposure to the price movements of cryptocurrencies without holding the underlying assets.
The new offer includes multi-collateral support (including fiat, stablecoin, and crypto) to be held. Not only that, but Kraken’s customer support services for crypto derivatives will also be available 24/7.
Kraken Australia to expand access to crypto derivatives
Kraken emphasizes that the Australian broker has been authorized for financial services. In this regard, Jonathon Miller, GM of Kraken for Australia and the rest of the world, said:
“Over the course of our 13-year history, we have always aspired to be one step ahead of market demand. Australian wholesale clients are looking for the ability to execute advanced trading strategies using a broker authorized and supported by Kraken’s high security standards. Our new premium product meets the trading needs of our clients and helps them progress in their cryptocurrency journey.”
From what has emerged, it seems that last July, Kraken had extended its Kraken Custody services to Australian institutional clients.
The crypto-exchange is trying to expand not only in Australia but also in other parts of the world, beyond the USA where it continues its war against the Securities and Exchange Commission (SEC).
In fact, in September, Kraken had filed a document in court requesting to have a jury trial against the SEC.
Also in the same month, Kraken also formalized the acquisition of the crypto broker Coin Meester B.V. (BCM), strengthening its leading position in the crypto market in Europe.
Crypto adoption in Australia
A survey conducted by the New Zealand crypto-exchange Easy Crypto, together with Protocol Theory, aimed to show the data on crypto adoption in Australia.
From what has emerged, almost 50% of Australians own or intend to purchase cryptocurrencies in the next 12 months.
The main motivation seems to be to try crypto as more accessible investment alternatives, compared to home ownership, for example.
Other data have shown that 1 in 5 Australian adults owns (or has owned) crypto. Once crypto is purchased, 80% of Australians prefer to stay in this asset category for their investments, despite market volatility.