Kraken Launches Pro Crypto Trading App with Margin Support

Michael LaVere

Crypto exchange Kraken has officially launched its mobile trading app for iOS and Android, which includes support for margin trading. 

According to the update published Oct. 30, the Kraken Pro crypto trading application is now available on iOS and Android. The app is designed to deliver similar features to using Kraken’s exchange, with a “mobile-first” design that allows for advanced crypto trading on the go. 

Kraken is also giving investors access to margin trading on 8 different cryptocurrencies, with the ability to five times margin. Investors can also open and close positions within the app and setup advanced order types such as stop-loss or take-profit trades. 

The exchange is also using a custom fee payment, which allows for trading fees to be paid in either crypto or fiat for each individual order. 

Kraken offers more than one hundred crypto-assets for trading. However, the new margin trading featured is limited to a handful of assets, including bitcoin, ethereum and XRP. 

Featured Image Credit: Photo via Pexels.com

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.