Kraken enters Australia as crypto usage booms

Updated Jun 18, 2020 | Published Jun 18, 2020
[2 mins read]
The appointment of Jonathon Miller as the managing director for Kraken Australia has come with the transition of Mr Miller’s own cryptocurrency exchange, Bit Trade, as Kraken’s crypto arm in the region.
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Commenting on the tie-up between Kraken and Bit Trade, Mr Miller explained that the new venture represented “the first real entrant from a big, well-supported global platform into the Australian market,” hinting at the upcoming changes in the global financial order.

While cryptocurrencies seemed almost a non-starter back in March, and bitcoin’s price took a hard tumble downward, prompting many to sell off their BTC, the market is back, setting new records between April to May, especially in terms of trade volumes. Coinbase, one of the leading cryptocurrency exchanges, amassed $1.3 billion in both fiat and cryptocurrency in a single day in March.

Following up on the cryptocurrency frenzy, Kraken has decided to onboard 200 home-based employees in March and April and focus on cryptocurrency as a more stable financial asset.

Part of the surge is owed to the accessibility of cryptocurrency exchanges, Miller has said. Kraken bought his company Bit Trade back in January, and Miller himself has been helping customers transition to Kraken’s global platform.

Judging from the present situation, Mr Miller expects the future to be bright for cryptocurrency exchanges and crypto assets as they enter day-to-day usage in more demographics. A source of interest for crypto in Australia and beyond has been blockchain casinos. From Bitcasino.io to BitStarz and FortuneJack, there has been a huge spike in their traffic towards those crypto venues during the lockdown period.

With Australian policy fairly strict on regulated igaming, these crypto casinos could continue to see a surge post-lockdown.

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CGN senior journalist 

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