Crypto exchange Kraken says its wholesale clients can now purchase crypto derivatives via its Australian financial services licensed broker.
U.S.-based cryptocurrency exchange Kraken is expanding crypto-based offerings among Australian customers, extending its offerings to eligible wholesale clients seeking exposure to crypto price movements without holding underlying assets.
In a Nov. 3 blog announcement, the exchange said that the service, available immediately, allows Australian institutions to access a range of crypto-based derivatives under a registered financial services license. Kraken says the new broker service is tailored for flexibility, noting that high-net-worth clients are “looking for the ability to execute advanced trading strategies using a licensed broker.”
“Our new premium product meets our clients’ trading needs and helps them to advance in their crypto journey.”
Jonathon Miller, Kraken GM for Australia and Rest of World
The launch follows recent organizational adjustments at Kraken. As crypto.news reported earlier, Kraken laid off approximately 15% of its workforce, joining other crypto firms, including Consensys and dYdX, in downsizing amid ongoing market and regulatory pressures.
The job cuts, which primarily affected senior management, reflect what Kraken described as a shift towards “organizational discipline” to streamline decision-making and product innovation.
In early September, Kraken called for clearer crypto regulations in Australia after a Federal Court ruled that part of its margin extension product violated local laws. The exchange expressed disappointment with the judgment, saying Australian crypto investors and businesses “continue to operate in a confusing and uncertain regulatory environment.”
Source: https://crypto.news/kraken-unveils-broker-offering-in-australia-for-institutions/