Starting tomorrow, March 5th, the popular U.S. cryptocurrency exchange Kraken will be adding Tron’s native currency – TRX. The platform will initially provide four trading pairs, and trading will begin shortly after enabling deposits and withdrawals.
Kraken Adds TRX
The U.S.-based cryptocurrency exchange announced the news earlier today. At approximately 14:30 UTC on March 5th, Kraken will facilitate deposits and withdrawals for TRX.
Users will have the option to trade it shortly after on four different trading pairs, which include the two largest cryptocurrencies by market cap – Bitcoin and Ethereum and two FIAT currencies – Euro and US Dollar (TRX/XBT, TRX/ETH, TRX/EUR, and TRX/USD).
The announcement also clarified that the minimum deposits and withdrawals are 2 TRX. The trading minimum, on the other hand, is 500 TRX.
Tron will be available on Kraken’s regular platform. Margin trading will be coming soon, as well, but, TRX will not be added on the company’s futures platform just yet.
Kraken also outlined some of TRON’s features, including locking TRX and turning it to Tron Power. The process resembles “staking” on other networks such as Tezos. In Tron’s case, however, users can be rewarded with different levels of new cryptocurrency depending on their role in voting. At the time of listing, though, users won’t be able to lock TRX held on Kraken.
TRON’s founder and CEO, Justin Sun, also tweeted on the matter:
“Finally! Now all the TRON hodlers in the United States and Europe can find a great place to trade! My first recommendation for trading $TRX in the United States and Europe is @krakenfx! – he noted.
TRX Price Reaction To Follow?
Generally, when a popular cryptocurrency exchange adds a new coin to its platform, it has a positive impact on the price in the short-term. For instance, when Binance and BitMEX recently added perpetual contracts for XRP, its price increased by 10% and 11%, respectively.
So far, though, TRX has been rather quiet. In fact, it has been trading in a range in the past week from an approximate low of $0.016 to a high of $0.018. At the time of this writing, TRX stands at $0.017. In any case, it would be interesting to follow Tron’s start of trading tomorrow on Kraken.