Kraken has opened a new place to trade derivatives in Bermuda, which the Bermuda Monetary Authority allowed
According to a press statement from the company, Kraken, a major global cryptocurrency exchange, has opened a new derivatives trading platform in Bermuda. This comes after getting a digital asset business license from the Bermuda Monetary Authority.
The move comes as the U.S. Securities and Exchange Commission tightens its grip on cryptocurrency exchanges, pushing companies like Kraken to look for business chances in other countries.
Based on the news release, Kraken can now offer its customers a variety of crypto derivatives, such as perpetual and fixed-maturity futures, with several different types of security, such as fiat currencies and more than 30 cryptocurrencies.
You can bet on or protect yourself against the future value of assets with derivatives, which are financial contracts. They are now an important part of crypto trading, making up most of the trading traffic worldwide. You help clients control risk and take advantage of market opportunities by giving them derivatives.
Bermuda and Kraken
Because of its clear rules, Bermuda has become a popular place for crypto companies to set up shop. Along with Coinbase and HashKey Global, Kraken is the latest big player to get a BMA license.
As the crypto market is open 24 hours a day, seven days a week, Kraken’s new site lets people trade around the clock. It’s meant to attract customers looking for a regulated place to buy and sell a wide range of derivatives.