Kraken to Enable Worldwide Fiat Funding Options

A partnership with custodian Etana will enable Kraken clients to wire funds to their exchange accounts.

AccessTimeIconJul 31, 2019 at 3:30 p.m. UTC
Updated Sep 13, 2021 at 11:15 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The regulated spot and futures crypto exchange Kraken announced a wire service through Etana Custody that will allow users to transact in U.S. dollars, euros, Canadian dollars, British pounds, and Japanese yen from anywhere in the world.

Though the new feature is available immediately to Kraken’s Intermediate and Pro clients, across nearly 180 countries, it requires users to create an Etana Custody Wallet. Additionally, users' bank accounts will be linked to this wallet, which will be topped off through wires that can take up to 1-5 days to process, according to a company blog.

From there, however, the Etana wallet is instantaneously connected with a user’s Kraken account and will support free and expedient transfers.

Additionally, “Etana provides currency conversion for many fiat currencies. Clients can wire almost any currency to their Etana wallet, then convert to one of the five major currencies to fund their Kraken account.”

Etana supports the domestic or international withdrawal and deposit of all the currencies listed above, except for domestic transactions in Japan yen.

In June, Kraken announced it had passed the coveted $4 billion valuation mark, after a 2,000 plus participant funding round. The firm also announced that it holds over $100 million for a self-run insurance fund.

Starter accounts on Kraken must update for this feature.

Kraken logo via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.