Kraken Pro, a prominent player in the cryptocurrency exchange market, has announced the addition of Pepe (PEPE) and dogwifhat (WIF) to its trading portfolio in Canada. This inclusion reflects Kraken’s ongoing efforts to diversify and enhance trading options for its Canadian user base.
Expanded Trading Options
Kraken first introduced WIF on its platform in February and followed up with the listing of PEPE, a meme cryptocurrency, in May. The recent announcement highlights the continued integration of these tokens into more complex financial products, as WIF and PEPE were also added as collateral for futures trading in August.
MetaMask Expands Crypto Horizons with Cardano Integration
Kraken’s Growth in Canada
The expansion of trading options comes as part of Kraken’s broader strategy to solidify its presence in the Canadian market, especially following the exit of Binance from the region. Over the past year, Kraken has seen a notable increase in market share and user deposits within Canada, a country that has shown increasing openness to cryptocurrency integration into mainstream financial services.
Kraken has been operating in Canada for over a decade, offering various Canadian Dollar (CAD) spot pairs and boasting a significant team presence across the country. The exchange’s engagement with the regulatory landscape in Canada includes filing a pre-registration undertaking with the Ontario Securities Commission, a critical step towards securing restricted dealer licenses.
Legal Challenges and Market Adaptation
Despite its success in Canada, Kraken has faced legal challenges in the United States. In November of the previous year, the Securities and Exchange Commission (SEC) filed a lawsuit against the company, which experienced a setback when a motion to dismiss the lawsuit was rejected by the court.
Market Impact and User Adoption
The introduction of PEPE and WIF on Kraken Pro is likely to attract both seasoned traders and new users drawn to the cultural cachet of meme cryptocurrencies. However, the overall adoption of cryptocurrency for regular transactions remains low in Canada, with less than 20% of crypto owners using it for purchasing goods or services, and a very small fraction using crypto primarily for payments.
Future Outlook
As Kraken continues to navigate the complex regulatory and competitive landscapes of the global cryptocurrency market, its commitment to expanding and diversifying its offerings in Canada represents a strategic effort to engage with a highly receptive market. The move also underscores the importance of adaptability and legal compliance in sustaining long-term growth and stability in the volatile crypto industry.
Kraken’s inclusion of new tokens like PEPE and WIF not only broadens its trading ecosystem but also enhances its appeal to a diverse range of investors and users, potentially setting the stage for further expansions and innovations within the Canadian and global markets.
Read Also: Mastercard Launches Innovative Self-Managed Crypto Card for Bitcoin Transactions
