Kraken has expanded the offerings of its Pro platform by adding futures trading capabilities, the crypto exchange announced on Wednesday. It has added over 90 perpetual futures as the newest instruments on the platform.
Expanding Services of Kraken Pro
Kraken launched its Pro platform last December, targeting professional crypto traders. Apart from the recently added futures trading, the platform offers crypto spot trading and staking services.
“Over our 11-year history, Kraken has always built products around clients’ needs, with a focus on intuitive UIs. With the launch of Kraken Pro, that same client-first mindset brings a best-in-class trading platform to advanced traders,” Kraken’s Chief Operating Officer and incoming CEO, David Ripley, said during the launch.
The official announcement highlighted that Kraken Pro is packed with trade execution, advanced order management, and analysis tools and focuses on efficiently integrating trade, investment, and portfolio data.
“Clients need a cryptocurrency platform that combines professional-grade performance with unbeatable security. Kraken Pro was built from the ground up to become the destination of choice for advanced traders,” Ripley added.
Developments and Challenges
Kraken is one of the oldest crypto trading platforms and has been in the market since 2011. The company, which carries a crypto banking license from the state of Wyoming, is now considering launching a banking suit in the future.
Meanwhile, Kraken is facing severe backlash on the regulatory front. The platform paid $30 million in a settlement with the US Securities and Exchange Commission (SEC) and was forced to shutter its staking-as-a-service offerings. Staking allows crypto holders to receive additional rewards by blocking their cryptocurrencies with a blockchain validator.
Furthermore, Kraken exited the Japanese market in January, citing market conditions. It was the second time Kraken pulled out from the East Asian market. Coinbase is another American exchange that closed down Japanese services. However, both exchanges are strengthening offerings in Canada. Kraken even applied for a mandatory pre-registration with Canadian regulators.
