As a seasoned crypto investor with a knack for leveraged trading and a penchant for meme coins, I find the latest Kraken announcement refreshing. The addition of XRP and DOGE as margin collateral currencies not only expands my options but also brings a sense of nostalgia, reminding me of my early days in crypto when I dabbled with Dogecoin and watched Ripple’s meteoric rise.
According to a recent statement made on Wednesday, the digital currency trading platform, Kraken, has introduced several new currencies that can be used as margin collateral.
The list of new additions includes such altcoins as Ripple-affiliated XRP and Dogecoin (DOGE).
Due to the latest expansions, Kraken now offers nearly twice as many cryptocurrencies compared to before.
According to U.Today’s report, a significant American cryptocurrency platform included Shiba Inu (SHIB) as collateral back in August, joining other popular meme coins like Bonk (BONK) and Dogekins (WIF) at the same time.
Trading on margin lets individuals conduct transactions using funds they don’t fully own, provided by exchanges. To engage in such trades, users must secure their accounts with collateral as a form of insurance against potential losses. The appeal lies in the possibility to increase profits through multiplication. Yet, it’s important to be aware that this trading method involves significant risks.
On Kraken exchange, both traditional fiat currencies like the Australian dollar (AUD), British pound (GBP), euro (EUR), Swiss franc (CHF), Japanese yen (JPY), Canadian dollar (CAD), and the U.S. dollar themselves, as well as stablecoins, can serve as collateral currencies.
Significantly, users on Kraken are not compelled to align their collateral currency with a particular trading pair for matching purposes.
The value reduction or “haircut” in collateral currencies like TRON (TRX), Avalanche (AVAX), and Tezos (XTZ) is significantly larger, at 30%. In contrast, XRP has a smaller haircut of just 10%. Notably, Bitcoin (BTC), Ethereum (ETH), and the USD Coin stablecoin (USDC) do not have any haircut.
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2024-11-20 18:19