Cryptocurrency exchange Kraken has launched a derivatives trading platform in Bermuda after receiving a license from the Bermuda Monetary Authority (BMA). As the U.S. Securities and Exchange Commission (SEC) increases pressure on Kraken in the U.S., Bermuda is becoming an attractive location for crypto companies. Kraken joins other platforms like Coinbase International and HashKey Global in expanding to the island.
Kraken’s License and Services
Kraken’s legal entity, Payward Digital Solutions, received a Class F Digital Business License from the BMA on July 30. This license allows Kraken to offer wallet services, run a digital asset derivatives exchange, and provide digital asset lending and repurchase services.
Alexia Theodorou from Kraken Derivatives praised the BMA’s licensing process, saying it promotes innovation while ensuring transparency and consumer protection, which aligns with Kraken’s values.
Trading Options on Kraken’s New Platform
Kraken’s new platform offers a wide range of products, including over 200 contracts for perpetual and fixed-maturity futures. Users can use both fiat currencies and over 30 different cryptocurrencies as collateral.
Kraken believes the timing for this expansion is ideal. Shannon Kurtas, head of trading, said that derivatives now make up the majority of cryptocurrency trading volumes, and Kraken expects this market to keep growing.
Kraken mentioned that customers in certain regions will be able to use the new platform, but it has not yet specified which regions are eligible.
Summary Review: Kraken’s move to launch a derivatives trading platform in Bermuda, backed by a BMA license, positions the exchange to expand its services globally, especially as regulatory challenges grow in the U.S. With a variety of trading options and a favorable regulatory environment in Bermuda, Kraken aims to capitalize on the growing demand for crypto derivatives, while continuing to prioritize transparency and innovation.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
