Kraken, a San Francisco-based cryptocurrency exchange, is opening up its doors tomorrow to two new altcoins: Chainlink’s LINK token and MakerDAO’s Dai.
Trading is set to begin at approximately 13:30 UTC. Users can begin initiating trades soon after, and orders can be placed approximately six minutes following these initial trades, according to the company’s statement. Users will have the opportunity to trade both coins against the U.S. dollar, euro, Bitcoin and Ethereum.
BitcoinChainlink is a platform launched in 2017, which Kraken describes as a network that “connects decentralized, peer-to-peer networks and smart contracts” to real-time data and events. Those who commit themselves to validating crypto transactions honestly are rewarded for their behavior.
The currency reached its all-time high of more than $4.50 per coin in June 2019. Incidentally, it was the only coin in the top-20 cryptocurrencies by market cap that, for a while at least, was in the green today as the rest of the market bled.
Dai, on the other hand, is a stablecoin backed by the U.S. dollar, which allows it to be used as a predictable store of value by alleviating some of the issues associated with volatility. The coin is meant to be used for everyday purchases and is designed to provide immediate liquidity to investors. At the moment, Dai has a market cap of approximately $86 million.
Kraken said that while it’s planning to list more coins in the future, executives will not reveal any names until the listings are set to occur.