Kraken Announces Multiple Fiat-based Pairs for DAO traders

San Francisco-based digital currency exchange Kraken has announced support for DAO (Decentralized Autonomous Organization) tokens, with seven fiat-based DAO trading pairs: DAO/XBT, DAO/ETH, DAO/EUR, DAO/USD, DAO/CAD, DAO/GBP and DAO/JPY.

The launch of the new trading pairs, which is scheduled for May 28th, will come with all of the advanced order functionalities that other pairs have:

Kraken’s blog post states:

“Margin trading and the dark pool will not be available for the DAO at launch, however other trading features will be available including the many advanced order types Kraken offers for taking profits and stopping losses.”

First-time DAO traders on Kraken will also have to pay a small fee of $0.04/$0.05 to create their first deposit address.

“Deposit addresses cannot be removed until the first deposit is made.”

Kraken has been preparing for the DAO launch for the past two months. In April, the exchange added a special field called “Data” to ether withdrawal addresses, which makes it possible to craft ether withdrawal requests that can interact with DAOs and Ethereum smart contracts. Kraken also has plans to add support for deposits that originate from smart contracts.

In today’s email update, Kraken also announced that Tier 3 ether margin traders can now borrow up to 5,000 ETH, while Tier 4 traders’ limits have been raised to 10,000 ETH. The communique also clarified that all Tiers will be able to margin trade, but with lower limits.

Apple users can now download the app of The Merkle in the App Store!

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.