Kraken Hits $2 Billion CAD in Custody, Focuses on Crypto Knowledge Growth

Kraken’s Canadian operations have reported surpassing $2
billion CAD in client assets and cash under custody. According to the company,
it reflects growth in the platform’s local user base amid efforts to expand
knowledge of cryptocurrency in Canada.

Canadian Crypto Awareness Slowly Improves

“Reaching the $2 billion milestone is a testament to our
ongoing effort to provide Canadians with a superior crypto trading experience,”
said Alex Mehrdad, Kraken Canada General Manager.

In 2024, Kraken focused on addressing a knowledge gap that
has slowed the adoption of digital assets in the region.

A report by the Ontario Securities Commission indicated that
only 54% of Canadians could define cryptocurrency in 2023. This marked a modest
increase from 51% in 2022. Kraken has stated its focus on furthering
educational efforts as it moves into 2025.

“As we’ve doubled in size within Canada, we’ve also steadily
invested in our product offering to ensure Canadians can explore the breadth of
the crypto ecosystem through our range of innovative products,” Mehrdad added.

🚨 Milestone alert: We’ve just surpassed $2B of combined client assets under custody in Canada Learn more about our continued commitment to helping 🇨🇦 adopt this new asset class: https://t.co/uLKW8wNTSs pic.twitter.com/rXjCj9VH5i

— Kraken Exchange (@krakenfx) November 21, 2024

Kraken Launches Crypto Derivatives in Australia

Meanwhile, Kraken had previously violated Australian
financial market rules by offering fiat-based margin products. The
firm has updated its services in the country by providing crypto-based
derivatives products for local wholesale clients, as reported by Finance Magnates.

The American exchange stated that the new products are
available through its local entity, a broker licensed by the Australian
financial services regulator. These derivative products are accessible only to
eligible Australian wholesale clients.

Kraken added that qualified clients will have access to more
than 200 tradable assets. The derivatives platform will also support
multi-collateral options, including fiat, stablecoins, and cryptocurrencies.

“Australian wholesale clients are looking for the ability to
execute advanced trading strategies using a licensed broker backed by Kraken’s
high-security standards,” said Jonathon Miller, Kraken’s GM for Australia and
Rest of World.

This article was written by Tareq Sikder at www.financemagnates.com.