The battle to become Canada’s next major Bitcoin exchange is far from over, as more and more companies are focusing their attention on that region of the world. The latest major name to join the fray is none other than popular global Bitcoin exchange Kraken, thanks to a partnership with Vogogo.
Kraken Sees Potential in the Canadian Market
It goes without saying that expanding the Bitcoin exchange business to Canada is a logical step for any established company in the space. With most of the major Canadian Bitcoin exchanges shutting down in 2014 and 2015, there is a power vacuum that needed to be filled by other companies, such as QuadrigaCX.
Kraken CEO Jesse Powell stated that the company is seeing a lot of unexplored potential in the Canadian market at the moment. And with very little competition in that market, the Canadian Bitcoin enthusiasts will gladly welcome additional platforms where they can buy and sell Bitcoin in exchange for Canadian dollars.
In order to accommodate that demand, Kraken will support payments through Interac e-Transfer and electronic fund transfers. As is the case with the trading services offered in other regions of the world, Kraken will keep the fees rather low. More active traders will see these fees reduced from their original 0.35% rate.
The Canadian Bitcoin exchange market has been relatively quiet as of late. Back in April of this year, Coinsetter acquired the CaVirtex platform for an undisclosed amount, and no further announcements have been made since then. According to the statistics provided by BitcoinWisdom, CaVirtex and QuadrigaCX remain the only active Bitcoin exchange platforms in Canada, other than Kraken’s expansion.
Aggressive Expansion On a Global Scale
Kraken is well on its way to becoming a dominant force on a global scale, as far as Bitcoin exchanges go. In recent months, the company enabled trading in GBP and opened up their services to Japanese customers as well. On the other hand, legal concerns might push for the San Francisco-based company to withdraw their services from the US market altogether in the near future.
Source: Press Release via Email
Images courtesy of Kraken and Shutterstock