📩 Get research like this by email
Today cryptocurrency exchange Kraken announced it’s launching support for trading Monero (XMR). Monero is one of the leading cryptocurrencies that has seen huge 40x market cap growth in 2016 and trades with high volume and liquidity. Monero is built on the core principles of privacy, decentralization, open development, scalability, and fungibility.
Back in November, CryptoNinjas reported that popular exchange Bitfinex has also introduced Monero trading.
Monero developers have been busy getting ready for the mid-January launch of RingCT (lauded as the most confidential and anonymous cryptography in the marketplace) with the release of its beta GUI wallet last week.
Kraken provided the following information regarding the introduction of Monero:
Which XMR trading pairs are available at launch?
- XMR/XBT, XMR/EUR, XMR/USD
- Margin: Coming soon
How do I fund my account with XMR?
To deposit your XMR go to Funding > Deposit > XMR and generate a deposit address. Then send your XMR deposit to this deposit address. 15 confirmations are required before the funds are available in your account balance for trading. Kraken utilizes integrated addresses which have the payment ID embedded in the address, so you don’t need to specify a separate payment ID for your deposit.
What about the Monero hard fork on January 5th?
There is a hardfork planned for January 5th (an upgrade to support RingCT transactions). The hardfork is expected to go smoothly, but there may be significant price volatility around the event presenting an opportunity for traders. Kraken XMR deposits will go offline shortly before the fork and remain offline for several hours after the fork.