Kraken Reveals New Wire Transfer Service for Fiat Currencies

Kraken has recently revealed about a wire service which will enable users to do transactions in a range of fiat currencies throughout the world. The transactions will take place through Etana Custody. Following is the list of currencies that can be deposited or withdrawn-

• US Dollars (USD)
• Euros (EUR)
• Canadian Dollars (CAD)
• British Pound (GBP), and
• Japanese Yen (JPY)

Kraken Reveals New Wire Transfer Service for Fiat Currencies

Who can use this service?

The service is available to more than one hundred and eighty countries. As of now, it is offered to the Intermediate and Pro clients of the crypto exchange. There are a few conditions though, for users to use the platform for this service-

Kraken Reveals New Wire Transfer Service for Fiat Currencies

• The users will need to create an Etana Custody Wallet first, in order to be able to use it.
• There is another requirement to link the bank account/s of the user to the Etana Custody Wallet.
Once the above two conditions are fulfilled, the user can then start to use the wire service. On average, the service takes around 1 to 5 days to complete the process.

Etana Custody Wallet-
Upon setting up the wallet, it immediately gets synced with the user’s Kraken account. From this point onwards, the user can enjoy faster transfers that are free as well.

The user can also enjoy currency conversion from a range of fiat currencies. The users are given the freedom to wire a range of currencies to the Etna wallet. If they wish they can then convert them to any of the five main currencies in order to fund their accounts.

With Etana Custody Wallet, the user can carry out domestic and international transactions i.e., any withdrawal, and deposit. The only exception in this facility is the domestic transactions (neither the withdrawal nor the deposits) in JYP (Japan’s Yen.)

On the other hand, the crypto exchange acquired- ‘Interchange,’ a service provider that offers accounting, reconciliation, and reporting services. The crypto exchange announced the news on Tuesday. On this the CEO of the crypto exchange- Jesse Powell said-

I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken. What is great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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