Crypto-exchange Karken has announced a new licensed broker offering that will provide a wide range of fascinating crypto-based derivatives products to qualified Australian wholesale clients.
By enabling wholesale clients to trade cryptocurrency derivatives without holding underlying assets, Kraken broadens its offerings for Australian consumers.
The purchase of cryptocurrency-based derivatives will be made possible through brokers who are licensed to provide financial services in Australia.
Karken New Feature To Help Australian Customers With Flexibility and Depth
The new feature will help the local customers as without owning the underlying assets, the new crypto derivatives broker offering gives wholesale clients the flexibility and depth they need to manage risk and get exposed to changes in cryptocurrency prices.
“Over our 13 year history, we have always aspired to be one step ahead of market demand. Australian wholesale clients are looking for the ability to execute advanced trading strategies using a licensed broker backed by Kraken’s high security standards,” said Jonathon Miller, Kraken GM for Australia and Rest of World.
He adds, “Our new premium product meets our clients’ trading needs and helps them to advance in their crypto journey.”
Karken Previous Australia Expansion
Today’s announcement comes as Karken has already embarked upon a Australia expansion in the past. Through integration with the rest of product suite, the platform made Kraken Custody services available to institutional clients in Australia in July, allowing them to store their assets in a safe and easy manner.
Australia’s crypto markets have been growing at a rapid speed for the past five years. Most crypto exchanges have been trying to put forth a strong grip in the Australian market.
Why Are More People In Australia Drawn to Crypto?
Australian crypto investors have been attracting more and more development in the sector for a long time now. The top two obstacles to financial freedom, according to one in three investors in Australia , are banks and governments.
Many have thus recognized the allure of cryptocurrency. With up to 45% of Australian investors aged 39 or younger agreeing with this statement, compared to 38% for real estate investment, many Australian investors believe that cryptocurrencies permit greater equality for all.
In 2024, the Australian cryptocurrency market is expected to generate A$799.3 million in revenue. With a compound annual growth rate (CAGR 2024-2025) of 4.84%, it is anticipated to generate A$760.6 million in total revenue by 2025.
By 2024 end, the user penetration rate is expected to be 42.40%, and by 2025, it is expected to rise to 42.22%. The rise in cryptocurrency exchanges and blockchain startups in Australia is indicative of the country’s growing interest in cryptocurrencies.