As Binance closes their doors to US Customers, a large amount of ICX trading volume goes away. However, as Alexander Graham Bell said, “when one door closes another one opens.” This quote rings true in the case of ICON: the open door comes as an ICX listing on the US-based Kraken cryptocurrency exchange. Kraken released a blog post stating they will list ICX on September 12th! Founded in 2011, Kraken ranks #6 on CoinGecko (shown below), and #4 in terms of 24H normalized volume ($100,096,725 at the time of this writing). While Kraken is based in the US, the exchange provides cryptocurrency trading services worldwide.
The significance of this listing cannot be overstated. Kraken is very selective in the cryptocurrencies they list, with only 21 cryptocurrencies currently listed. This number matches Coinbase, another selective US-based exchange. The selectiveness of these exchanges can be attributed to strictly following US regulations and also seeking quality over quantity. As a comparison, Binance currently has 167 cryptocurrencies listed. While Binance is certainly a successful worldwide exchange, they have not stated plans to list ICX on their future US exchange, providing the way for Kraken to attract many US-based ICON investors who formerly traded on Binance.
Additionally, Kraken offers direct deposit options, providing an avenue for direct fiat to ICX purchases. Kraken will list ICX/USD, ICX/EUR, ICX/XBT, and ICX/ETH trading pairs.
Overall, the listing of ICX on Kraken provides a strong vote of confidence for the ICON project from a well-respected exchange. ICON has a lot of good things going for it, with staking launched on August 26th, decentralization of the network on Sept 24th, and continued growth of the underlying technology and ecosystem DApps! If you have not staked your ICX tokens yet, we encourage you to do so. I am part of the P-Rep team UBIK Capital and we have created a webpage where you can see instructions of how to stake ICX, FAQs, and our proposal of what we’ve done and plan to do for ICON.
We hope you’ve enjoyed this article and look forward to trading ICX on the Kraken exchange! Feel free to reach out to our team with any questions you have: