As a seasoned researcher who has closely followed the cryptocurrency market for years, I find Kraken’s latest move to offer crypto derivatives to its Australian wholesale clients through its licensed broker an intriguing development. Given my background in understanding market trends and regulatory environments, it seems that Kraken is making strategic moves amidst the challenging landscape of the crypto industry.
Through a simplified rewording, the statement could be: The cryptocurrency platform Kraken announces that its institutional clients are now able to buy cryptocurrency derivatives through its Australian-licensed broker for financial services.
Kraken, a U.S. cryptocurrency trading platform, is broadening its digital currency services for Australian users, specifically catering to qualified institutional investors who want to capitalize on cryptocurrency market fluctuations without directly owning the assets.
On November 3rd, in a blog post, Kraken revealed that their platform now offers Australian institutions immediate access to various cryptocurrency derivative products, all under a registered financial services license. Kraken emphasized that this new broker service is designed with flexibility in mind, catering specifically to high-net-worth clients who are seeking opportunities to execute sophisticated trading strategies using a licensed broker.
Our top-tier offering caters specifically to our clients’ cryptocurrency trading requirements, enabling them to progress and grow further on their digital currency path.
Jonathon Miller, Kraken GM for Australia and Rest of World
After undergoing some internal restructuring at Kraken, they’ve now announced a new launch. Previously reported by crypto.news, Kraken reduced its workforce by about 15%, mirroring similar moves taken by other crypto companies like Consensys and dYdX, in response to the continuous challenges posed by market and regulatory conditions.
As an analyst, I’m observing that the recent staff reductions, focusing predominantly on senior leadership, seem to be part of Kraken’s strategy to instill “organizational discipline.” This move appears aimed at enhancing efficiency in decision-making processes and fostering a conducive environment for product innovation.
At the beginning of September, Kraken advocated for more transparent cryptocurrency regulations in Australia, following a Federal Court decision that deemed part of its margin extension product as breaking local laws. The platform voiced its discontent with the verdict, stating that Australian crypto investors and businesses are still navigating a murky and uncertain legal landscape.
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2024-11-04 10:28