Kraken launches three new tokens to North America users

abdelaziz Fathi

Kraken has expanded the list of crypto assets available to its customers in the US and Canada with the additions of three coins that were already available to its global users.

The popular cryptocurrency exchange said Bifrost (BNC), Bonfida (FIDA), and Origin Protocol (OGN) were added to its roster of crypto tokens. All new tokens are tradeable on Kraken and the Kraken Pro interface with applicable minimum deposits and currency pairs.

Kraken said these new inclusions further empower its users by having them choose from a broad variety of cryptoassets, therefore giving them more potential for achieving a higher yield in their investment.

As explained by Kraken, Bifrost (BNC) enables the token holders to stake any cryptocurrency on its platform and receive a vToken (vDOT or vETH) of equal value in return. vTokens can then be used to access DeFi applications while still allowing users to receive staking rewards on their original crypto assets.

As for Bonfida (FIDA), its native network is a decentralized application built on the Serum trading protocol, powered by the Solana blockchain. FIDA can be used to pay for transaction fees, earn staking rewards or to gain access to exclusive Bonfida features.

The last token added to Kraken’s crypto catalogue was Origin Protocol (OGN), the utility token of an Ethereum-based marketplace where anyone can share goods, services, and most notably, non-fungible tokens (NFTs).

The introduction of new instruments adds to Kraken’s rapidly expanding suite of cryptos. The platform has had a string of recent announcements in a major push to attract crypto traders and grow its user base.

The San Francisco-based company made headlines last month after had quietly gone live with integration of the Bitcoin Lightning Network (LN), nearly two years after it initially announced it will do so.

Kraken, one of the oldest exchanges in the market, threw its hat into the ring of Lightning Network, which was introduced earlier in 2018 to solve Bitcoin’s scalability problem, back in 2020. At the time, the popular exchange said it plans to add support for the LN in 2021 as it aims to help users save on commission costs. This implementation has not materialized, however.

Kraken was also in the news recently after it received the Financial Services Permission (FSP) from the Abu Dhabi Global Market’s (ADGM) regulator, which allows it to operate as a multilateral trading facility (MTF) and custodian for virtual assets.

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