Kraken Announces Support For Cardano (ADA) Futures Contracts.
ADA users can now use the coin to initiate futures contracts on Kraken.
It’s good news for the Cardano community as ADA finally gets support from one of the biggest crypto exchanges. Until now, ADA holders weren’t able to use the coin to initiate futures contracts on Kraken.
Now, all that is possible, as announced by Kraken on Twitter. Futures contracts represent an agreement made between a buyer and a seller to a transaction with regard to a particular commodity, in this case, a digital asset, at a specified price at a pre-determined time in the future. Futures exchanges facilitate this trade.
With Kraken’s support, ADA holders can now access over 40 futures contracts on the exchange platform. This comes ahead of the planned Vasil upgrade on the Cardano network this year. Also, Cardano CEO Charles Hoskinson has expressed intentions to fix any issues that may have been carried over from the original Cardano setup. However, he’ll do that after the Vasil upgrade.
According to the exchange:
“New collateral live: Use ADA to get exposure to over 40 futures contracts now!”
📣 New collateral live:
Use ADA to get exposure to over 40 futures contracts now!
Get started today by transferring ADA from your Kraken spot wallet to your Kraken Futures wallet.
*Geo restrictions apply
➡️ https://t.co/vjGro9pxet pic.twitter.com/iGLadisPin
— Kraken Exchange (@krakenfx) August 22, 2022
To get started with the ADA-based futures contracts on Kraken, ADA holders will need to transfer their coins from their spot wallet to their future wallet. After that, they can use their ADA to initiate futures contracts of their liking. Meanwhile, ADA seems to be struggling to maintain its price range at around $0.45.