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

2024-11-25 08:45:41 Primitive Reading

From financemagnates by Tareq Sikder

Ontario Securities Commission reports 54% of Canadians defined cryptocurrency in 2023.

Recently, the firm has introduced crypto-based derivatives for Australian wholesale clients.

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.

Alex Mehrdad, Kraken Canada General Manager, Source: betakit

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.

Kraken Launches Crypto Derivatives in Australia

Jonathon Miller, Kraken’s GM for Australia and Rest of World; Photo: LinkedIn

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.

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.