Cryptocurrency exchanges need to keep evolving at all times if they aim to cater to both existing and new customers. Adding new trading pairs is one way of doing so, but supporting new funding methods is also a viable option. Kraken, one of the more prominent exchanges on the market today, is adding Etana Custody as a global funding option for five major currencies.
The Etana Custody Setup
Up until this point, depositing fiat currencies into a Kraken account was done through traditional means. Users would send a bank or wire transfer and have their account credited accordingly. Although this system will remain accessible, it appears the Etana Custody solution will be of great interest to a lot of users as well.
The main purpose is to support the five major currencies – USD, EUR, CAD, GBP, and JPY – on a global scale. Interested users need to register and verify their bank account, which will enable wire transfers to the Etana Custody Wallet. This wallet is connected to clients’ Kraken accounts and gives them an option to quickly transfer these currencies between different accounts. Users can also withdraw funds the same way, which makes it somewhat appealing to clients who wish to use any of those five currencies now or in the future.
Native Currency Conversion Support
Perhaps the most appealing feature of Etana Custody is how it will allow users to convert between currencies on the go. Any currency can be sent to the proper Etana wallet and converted to either of these five major currencies whenever users want to. As such, Kraken becomes a lot more appealing on a global scale, as users won’t have to convert their native currency prior to sending a wire transfer.
Bitcoin Price Impact Remains Unclear
On paper, Kraken is now positioning itself as a go-to trading platform for all major cryptocurrencies on a global scale. As the Etana Custody solution can effectively become a facilitator or cryptocurrency purchases around the world, it will be interesting to see if any notable Bitcoin price impact will be recorded in the future. Considering how users will still need to manually apply to enjoy this functionality, the impact may very well be fairly minimal at first.
However, one can’t overlook the fact this new integration can make cryptocurrencies a lot more accessible to enthusiasts all over the world. Solutions like these are direly needed to elevate the cryptocurrency to a new level, as it appears the influx of new investors, speculators, and holders has slowed down significantly over the past 18 months. As such, tapping into entirely new markets and regions is a smart idea. One has to wonder if bigger trading platforms will take similar courses of action in the future.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.