In a significant move to diversify its trading options, cryptocurrency exchange Kraken has officially launched two new foreign exchange (forex) perpetual futures contracts specifically for GBP/USD and EUR/USD. The announcement was made on Friday via a company release, marking a notable expansion for the Kraken Derivatives platform.

The newly introduced contracts come with an impressive leverage of up to 20x, allowing traders to magnify their positions considerably. These offerings are accessible through Kraken Pro, the exchanges advanced trading platform that was first introduced in 2022 to cater to professional traders seeking more sophisticated tools.

It's important to note, however, that certain geographic restrictions apply. Traders located in the European Union, the United Kingdom, and other regions outside the designated eligible locations for Kraken Derivatives are prohibited from participating in trading these new forex perpetuals, as stated on the companys website. This limitation aims to comply with local regulations and ensure a secure trading environment.

Alexia Theodorou, the Head of Derivatives at Kraken, emphasized the company's leadership in the forex space within the cryptocurrency sector. In her statement, she noted, Kraken has long been one of the leading FX spot venues in crypto. By introducing FX perps, were capitalizing on this market-leading position by providing clients with a powerful new tool to better navigate and tailor exposure to some of the most widely traded currency markets in crypto today.

The launch of these forex perpetual contracts follows Krakens recent strategic acquisition of U.S.-based retail futures trading firm NinjaTrader, a deal valued at approximately $1.5 billion. This acquisition is part of Krakens broader strategy to expand into new asset classes and enhance its offerings in the rapidly evolving financial markets, as previously reported by The Block.

As the cryptocurrency industry continues to develop, Kraken's expansion into forex trading highlights its commitment to offering a diverse range of trading options, thus catering to the evolving needs of its user base.

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