Kraken, one of world’s largest cryptocurrency exchanges, announced it is launching support for trading of the cryptocurrency Monero (XMR).
The pairs available for trading upon launch are XMR/XBT, XMR/EUR and XMR/USD. As per its announcement, Kraken is also planning to introduce margin trading on Monero at some point.
Monero is an open-source cryptocurrency that was launched in 2014. It focuses on on privacy, decentralisation and scalability and, according to experts, is more secure than Bitcoin and better at obfuscation.
Only in 2016 the market capitalization of Monero rose 40 times. At the same time, in the past seven days Monero’s value increased by 56% and it ranked as the fourth largest cryptocurrency with a little over $227 million, displacing Litecoin with its $226.8 million.
In terms of price Monero ranks third with $16.61 for one, right after Bitcoin and Zcash, shows data of the site Coinmarketcap.
The rise of Monero started in the summer of 2016 when some of the large darknet sites like Alphabay, Oasis and the darknet e-mail service Sigaint started accepting payments in Monero, for security reasons and upon user demand.
Founded in 2011, San Francisco-based Kraken is the largest bitcoin exchange in euro volume and liquidity and also trading the cryptocurrencies bitcoin, ether, litecoin, Canadian dollars, US dollars, British pounds and Japanese yen.