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- As per Kraken, AVAX will now be available for trading on Kraken and Kraken Terminal and could be traded for EUR and USD.
- The listing occurred after BitGO decided to list AVAX due to increased institutional interests.
- The announcement impacted the prices of AVAX, resulting in an uptrend of 5.42%. Kraken, in its announcement, recommends limit orders and caution users to research and invest at their own risk, as the trading has just been initiated.
AVAX, the Avalanche network’s native crypto token, is now available for trading on Kraken, one of the biggest cryptocurrency exchange platforms. The inclusion of AVAX on Kraken is a result of its growing adoption and explosion of its price this year. In this listing declaration, Kraken highlighted that AVAX would be available on both Kraken Terminal and Kraken, tradable against EUR and USD. Futures contracts and margin trading aren’t available yet for the cryptocurrency.
Understanding Avalanche
Kraken described Avalanche in its announcement blog post as a distributed system that utilizes a consensus mechanism, Proof-of-Stake, and three interoperable blockchains to attain scalability. It works towards providing an expansive ecosystem by serving as a foundation for Dapps (Decentralized Applications).
Avalanche is one of the biggest competitors of Ethereum. It is a smart contracts platform, and users launch their customized blockchains and simultaneously build low-cost and fast, compatible dapps.
Avalanche Is Ethereum’s Alternate
This listing resulted from BitGo, a cryptocurrency custody firm, revealing that it will now support AVAX, Avalanche network’s native token, due to the growing institutional interests. This decision by BitGo also allowed its exchange clients, namely Bitbuy and Bitstamp, to list AVAX on their platforms for trading. Analysts of Bank of America believe that, for DeFi (Decentralized Finance), gaming, and NFTs (Non-Fungible Tokens), Avalanche could be a possible alternative to Ethereum (ETH).
Prices of Avalanche have boomed this year. Avalanche blockchain’s data highlights that more than 1.4 million addresses have been created, and over 8 million blocks have been processed on the network. It also shows that Avalanche has processed more than 40 million transactions and deployed contracts exceeding the count of 70,000.
Listing Impacts $AVAX Prices
The announcement resulted in increased activity, and the response seemed pretty positive, as prices of AVAX showed an uptrend of 5.42%, reaching $122.87. Others will possibly follow the listing of AVAX on Kraken, and it might be seen listed on other platforms soon, resulting in further price fluctuations.
Kraken Plans About Bringing More Assets To The Platform
About listing more assets on the platform, Kraken said, “Yes! But our policy is to never reveal any details until shortly before launch, not even which assets we are considering. All of Kraken’s listed tokens are available on our website, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.”
Kraken Warns Users!
The blog post by Kraken, concluded by cautioning users, said, “Limit orders are recommended when trading starts since the markets may be illiquid initially. Be extremely careful with market orders and orders that trigger market orders (e.g. stop loss). Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research and invest at your own risk.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
