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The Kraken cryptocurrency exchange has announced it will offer support to the Fantom (FTM) token. Kraken is one of the largest cryptocurrency exchanges globally, and the listing of FTM could make the token accessible to a larger pool of investors.
Fantom has become one of the largest blockchain networks in the decentralized finance (DeFi) sector. Some of the largest exchanges already supported the FTM token, including Binance.
Kraken lists FTM token
The Kraken exchange issued an announcement saying that trading for the FTM token was launched on the exchange on June 2. The trading will commence at 14H30 UTC. The token will trade on the exchange under the ticker FTM.
The token will be open for trading against the euro and the US dollar. The announcement also clarified that trading for the token would be available on Kraken and Kraken Pro and that the service would not be available to Japan-based users.
The exchange further said that trading for this token and instant buy orders would only be launched after liquidity conditions have been met. Liquidity will be achieved when there are enough buyers and sellers.
“There is no guarantee that a limit order will execute. There is also no guarantee of executing at a certain price for a market order. The availability and liquidity of the particular digit asset will impact these types of orders,” the exchange added.
The cryptocurrency market is currently in a bearish trend, with most tokens being significantly below their all-time highs. FTM has not been spared from the recession, with the Kraken announcement adding that traders need to be cautious and do their own research before investing.
FTM has not reacted significantly following this listing. During the past 24 hours, the token has gained by only 1.2%, and it was trading at $0.37. FTM created an ATH in October last year when the token was trading at $3.46.
Andre Cronje returns to Fantom
FTM recorded a strong price action towards the end of May after speculation that Andre Cronje, one of its core developers, had returned to the network. Cronje is one of the renowned developers in decentralized finance (DeFi), and he is apparently returning to the Fantom network.
Cronje had announced that he was departing from Fantom and the entire DeFi space around three months ago. Cronje announced he was departing from DeFi alongside Anton Nell. The announcement caught the crypto market and affected the prices of tokens whose projects they were involved with. Cronje was associated with Fantom and Yearn Finance.
Rumors of Cronje’s return to the DeFi space were triggered after he was spotted working on the fMint protocol. fMint is a platform on the Fantom protocol tasked with minting the fUSD stablecoin.
fUSD is a stablecoin for the Fantom network that suffered from a depegging in May. The depegging of the token happened alongside that of the Terraform Labs’ UST stablecoin. UST collapse caused stress for the weak stablecoins that depegged from their $1 value.
However, the Fantom Foundation stated that its fUSD stablecoin was different from UST, and it could not suffer from the same form of collapse as the Terra stablecoin did. According to the foundation, “fUSD is an over-collateralized stablecoin (similar to DAI) backed by staked FTM.”
According to Chinese crypto reporter Colin Wu, Cronje was behind the release of the Fantom fUSD optimization proposal. Cronje also seems to be investing in FTM, with WU saying that a Fantom wallet linked to the developer had bought around 100 million FTM tokens.
To learn more visit our Investing in Fantom guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.