San Francisco-based cryptocurrency exchange Kraken has partnered with Liechtenstein-based Bank Frick to enable Swiss- Franc support on its popular platform. The Swiss Franc becomes the sixth addition on Kraken joining the US Dollar [USD], Euro [EUR], Pound Sterling GBP], Canadian Dollar [CAD] and the Japanese Yen [JPY]
“This latest partnership further promotes our mission of delivering financial freedom by giving clients more choice when it comes to managing their assets,” Kraken wrote in a blog post on December 5th.
The Swiss Franc will be paired against two leading crypto assets Bitcoin and Ethereum with a possibility for more asset pairings in the future according to the announcement. The two trading pairs BTC/CHF and ETH/CHF will be activated on Friday, December 6 at 14:30 UTC.
There will be limits to withdrawing and depositing Francs to the Kraken platform. 100 CHF for minimum deposit and withdrawal while the maximum depends on the account activity which varies according to each user’s trading needs. Although there is a maximum amount of 10 million CHF per transaction.
What about the fees? Kraken notes that there will be two types of transaction methods supported: SIC Local Settlement and SWIFT. The former will attracting deposit and withdrawal fees of CHF 0.15 and CHF 1.00 respectively while the latter will deposit and withdrawal fees of CHF 10 and CHF 18. In case a user would wish to deposit funds in any other denomination other than the CHF or EUR through Bank Frick, they will be subject to additional conversion fees since the bank will convert the funds to EUR.
Kraken recently joined the Silvergate Exchange Network developed by California-based Silvergate Bank which will enable Kraken users to leverage the SEN network to make deposit and withdrawal requests in dollar denominations without paying any fees and in real-time 24/7. “This latest announcement further promotes our mission of delivering financial freedom by giving clients more choice when it comes to managing their assets,” Kraken noted at the time repeating the same phrase that underscores its mission statement.