Bitcoin Exchange Kraken Launches New Fiat Funding Options

Amidst a period of heightened tension in the bitcoin exchange space, Kraken is boosting its fiat funding options.

AccessTimeIconApr 18, 2017 at 2:51 p.m. UTC
Updated Sep 11, 2021 at 1:14 p.m. UTC

Digital currency exchange Kraken is adding support for wire transfers denominated in US dollars and other government-issued currencies.

The company disclosed the update in an email to customers this morning. In addition to USD support, Kraken is supporting wire transfer deposits and withdrawals in euros and British pounds. The San Francisco-based startup, founded in 2011, is launching the updated deposit feature effectively immediately, though the withdrawal upgrade won't go live until 24th April, the exchange said.

It's a notable service update given the timing and the state of the global bitcoin exchange space.

For example, Bitfinex, the world’s largest bitcoin exchange by USD volume, said yesterday that it is now unable to accept inbound wire transfers due to banking problems. The British Virgin Islands-based company had previously gone to court over issues related to outbound wire transfers denominated in USD (only to withdraw that suit a week later).

Further, China's exchange ecosystem, under effective lockdown due to regulatory pressures, has yet to reactivate bitcoin and litecoin withdrawals amidst ongoing discussion with the People’s Bank of China, the country’s central bank.

So far, bitcoin's market has continued its upward momentum in the face of these challenges, though that's not to say there isn't concern. In recent days, traders have begun to voice concerns that market operations may be deviating from the norm.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Kraken.

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