Kraken, the U.S.-based cryptocurrency exchange, has announced the launch of a broker service for wholesale clients in Australia, enabling them to purchase crypto derivatives through its licensed financial services platform.
In a blog post dated November 3, Kraken revealed that the new offering allows eligible Australian institutions to gain exposure to cryptocurrency price movements without the need to hold the underlying assets. This service is now available and aims to cater to high-net-worth clients who seek the flexibility to execute sophisticated trading strategies through a licensed broker.
Jonathon Miller, Kraken’s General Manager for Australia and the Rest of the World, stated, “Our new premium product meets our clients’ trading needs and helps them to advance in their crypto journey.”
This initiative comes on the heels of significant changes within Kraken, including a recent workforce reduction of approximately 15%. This downsizing, which impacted senior management roles, is part of the company’s effort to foster “organizational discipline” and enhance decision-making and product innovation amid challenging market conditions.
In early September, Kraken also advocated for clearer regulatory guidelines in Australia after a Federal Court ruled that aspects of its margin extension product were in violation of local laws. The exchange expressed its disappointment regarding this ruling, highlighting the ongoing confusion and uncertainty faced by Australian crypto investors and businesses in the current regulatory landscape.
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