Kraken announced the addition of Filecoin (FIL) to its platform. The new token will be available for trading starting on October 15.
“This will be a “mainnet listing,” meaning that trading will begin as soon as possible after the Filecoin mainnet goes live and transfers are enabled on the network,” according to Kraken.
Te cryptocurrency exchange warns novice traders to trade with caution in the new listing because of the high volatility in mainnet listings.
Filecoin project focused on providing a decentralized file sharing and storage service, raised $257 million in 2017, and is currently one of the industry’s widely used and anticipated ones. It seeks more adoption to expand the offerings and grow the ecosystem. Listing on big exchanges like Kraken can be a piece of good news for them because of the new wave of users and traders. Filecoin miners will be very happy from the listing because of the more fantastic opportunity to trade their earnings.
Kraken starts supporting FIL depositions at 13:30 UTC on October 15, but deposition will be available when the Filecoin mainnet goes live. The mainnet launch is expected at approximately 14:45 UTC on October 15.
“Since sell orders cannot be placed until deposits credit, trading will begin after the first FIL deposits credit. 300 confirmations are required for deposits to credit, meaning that trading will start approximately 2.5 hours after funding is enabled. The initial trading minimum is 0.125 FIL,” according to Kraken.
Kraken will start supporting FIL with four of the most popular pairs, FIL/USD, FIL/EUR, FIL/XBT, and FIL/ETH. The new token will available in Kraken, Kraken Pro, and OTC services by Kraken. Kraken Futures and Margin Trading don’t support FIL right now, but the exchange will indeed work with the Filecoin team to add those services, too.
Like all of the new listing in cryptocurrency exchanges, Kraken warns users to trade and invest in FIL with caution.”
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