Bitcoin exchange Kraken announces support for DAO trading
San Francisco-based bitcoin exchange Kraken has announced its plans to add The DAO tokens to the list of assets supported on its platform.
The DAO tokens will trade under the abbreviation “DAO” and the trade pairs available at launch include DAO/XBT (bitcoin), DAO/ETH (ether), DAO/EUR (euro), DAO/USD (US dollar), DAO/CAD (Canadian dollar), DAO/GBP (British pound), and DAO/JPY (Japanese yen).
Earlier this month, Kraken announced that it is offering Ether (ETH) Dark Pool trading to its clients, allowing them to place large ether orders discreetly. However, the company stated that margin trading and the dark pool will not be available for the DAO at launch.
“[H]owever other trading features will be available including the many advanced order types Kraken offers for taking profits and stopping losses”, it added.
The DAO, or Decentralized Autonomous Organization, leverages smart contracts on the Ethereum blockchain to enable anyone, anywhere in the world to create their own autonomous organization. The DAO crowdsale has been highly successful and has broken all records. The creation phase is now over and over $132 million has been raised.
Following the success of the crowdfunding drive, several cryptocurrency exchanges have announced their support for The DAO tokens including Poloniex and BTC Markets.
Kraken explained that at launch, clients will be able to deposit their DAO tokens and start trading by navigating in their account to Funding > Deposit > DAO and creating a DAO deposit address. A small fee for address creation of $0.04 or $0.05 will be charged and will be deducted from the first deposit sent to the address (actually the address of a small contract). Deposit addresses cannot be removed until the first deposit is made.