The Expansion of Kraken: PEPE and WIF Trading Now Available in Canada
Kraken, one of the oldest and most reputable cryptocurrency exchanges, has recently announced that Pepe (PEPE) and DogeWifhat (WIF) are available for trading on Kraken Pro in Canada. This development marks yet another milestone for Kraken as it continues to expand its footprint in the Canadian cryptocurrency market.
Table of Contents
History and Expansion of Kraken in Canada
Longstanding Presence
Kraken’s journey in Canada started more than a decade ago. Over these years, the exchange has built a robust infrastructure, focusing on offering diverse CAD sport pairs and bolstering its local team to thousands of members.
Market Expansion
Following Binance’s exit from Canada, Kraken saw a notable uptick in market share, prominently characterized by a sharp rise in deposits. This increase demonstrated Kraken’s ability to seize market opportunities and solidify its standing in the region.
Regulatory Compliance
In March, Kraken filed a pre-registration undertaking with the Ontario Securities Commission. This was a crucial move towards obtaining restricted dealer licenses in Canada, signaling Kraken’s commitment to compliance and regulation. Coincidentally, direct competitor Coinbase accomplished this in April.
New Cryptocurrencies on Kraken Pro: PEPE and WIF
Introduction to PEPE and WIF
Kraken initially listed DogeWifhat (WIF) back in February, followed by Pepe (PEPE) in May. Both cryptocurrencies have quickly gained traction among traders and investors.
Collaterals for Futures
In August, Kraken further expanded its product offerings by adding WIF and PEPE as new collateral for futures, alongside various other cryptocurrencies. This move was part of Kraken’s broader strategy to offer more versatile trading options to its users.
Canada’s Growing Role in the Cryptocurrency Space
Statistical Evidence
A recent survey highlighted by Kraken indicated that over a third of Canadians believe in the potential of cryptocurrencies for financial services. However, less than 20% of crypto owners actively use them for purchasing goods or services. Surprisingly, around 7% of Canadians have reportedly used cryptocurrencies primarily for paying ransoms.
Case Study: Coinbase as a Competitor
Coinbase’s success in securing a restricted dealer license in April serves as an example of the competitive landscape. Kraken’s pre-registration undertaking signifies similar ambitions and underscores Canada’s importance as a key player in the global cryptocurrency ecosystem.
Legal Hurdles in the U.S.
While Kraken enjoys expansion in Canada, it has faced legal challenges in the U.S. In November, the SEC filed a lawsuit against Kraken, which faced a significant setback after the court rejected its motion to dismiss. This legal ordeal highlights the dichotomy between Kraken’s growth in Canada and its struggles in its home country.
Conclusion
Kraken’s addition of PEPE and WIF for trading on Kraken Pro in Canada is a testament to its ongoing expansion and influence in the Canadian market. With its deepening roots and increasing regulatory compliance, Kraken is well-positioned to become a dominant player in the cryptocurrency landscape. The discrepancies in regional regulatory environments underscore the complexity and dynamism of operating in the global crypto industry.
FAQs
Q: What are PEPE and WIF?
A: PEPE and WIF are meme cryptocurrencies that have recently gained popularity. They are now available for trading on Kraken Pro in Canada.
Q: When did Kraken first start operating in Canada?
A: Kraken began its operations in Canada over a decade ago, offering various CAD sport pairs and employing thousands of team members locally.
Q: What recent regulatory steps has Kraken taken in Canada?
A: In March, Kraken filed a pre-registration undertaking with the Ontario Securities Commission, paving the way for securing restricted dealer licenses.
Q: How has Kraken’s market share in Canada changed recently?
A: Following Binance’s departure from the Canadian market, Kraken experienced a significant increase in deposits and market share.
Q: What legal issues is Kraken facing in the U.S.?
A: In November, the SEC filed a lawsuit against Kraken, and the court subsequently rejected Kraken’s motion to dismiss, marking a significant legal setback for the company.