Top Exchange Enables WIF and PEPE Trading in Canada

As a seasoned analyst with over two decades of experience in the financial markets, I find Kraken’s recent move to list PEPE and WIF for trading in Canada as a strategic one. Having closely followed the growth of the Canadian cryptocurrency market, it is evident that Kraken is leveraging its strong presence in the region to tap into this burgeoning market.


As per the announcement made on Thursday, it has been made possible to trade Pepe (PEPE) and dogwifhat (WIF) on Kraken Pro within Canada

Kraken first added WIF (a cryptocurrency) in February. On the other hand, the meme-based crypto, PEPE, joined the platform in May

In August, Kraken added WIF and PEPE as new collateral for futures alongside some other products. 

In the previous year, I found myself in an advantageous position as Binance exited the Canadian market. As one of the longest-standing players in the crypto exchange landscape, I noticed a significant surge in deposit inflows following this event

 

Kraken first started operating in Canada more than a decade ago. It offers various CAD sport pairs. The exchange also has thousands of team members based in the country.  

The exchange filed a pre-registration undertaking with the Ontario Securities Commission last March. 

This marked a significant milestone for it as it worked towards obtaining exclusive dealer licenses within the nation. Notably, Coinbase, one of its main rivals, managed to accomplish this goal back in April

According to Kraken’s recent blog post, Canada has made a significant impact in the world of cryptocurrencies. They highlighted a study indicating that over one-third of Canadians think digital currencies could potentially be utilized for financial transactions

According to U.Today’s report, only about 20% of Canadian cryptocurrency owners have utilized it to purchase goods or services. On the other hand, approximately 7% of Canadians have mainly employed crypto for making payments, specifically as ransom

Currently, the platform is dealing with legal issues in the United States. Last November, the Securities and Exchange Commission (SEC) filed a lawsuit against the company. According to U.Today, Kraken recently experienced a legal defeat when the court denied their request to discard the lawsuit

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2024-09-06 00:10