Notably, the cryptocurrencys price received no notable support from the announcement, falling from at $16.05 at roughly 12:00 UTC to $15.42 at 21:49 UTC on 3rd January,CoinMarketCapfigures reveal.
With the move, Kraken could be poised to reverse the trend, joining other major exchanges Bitfinex and Poloniex as one of the largest to accept the cryptocurrency. (It will list the currency pairs XMR/USD, XMR/XBT and XMR/EUR from the launch).
Digital currency exchange Krakenhas officially openedtrading for monero (XMR).
Kraken Adds Anonymous Cryptocurrency Monero
PoWx: The New Effort to Change Bitcoin Mining Explained
Such support was cited by Kraken in its formal statements as well.
The digital currency has to date been picked up by notable darknet marketplaces, with AlphaBayannouncingin August of last year it would accept the cryptocurrency and darknet market Oasis Marketfollowing suit.
Are you a CoinDesk user? Join our study and help us improve the website by clicking here.
Jan 4, 2017 at 00:01 UTC Updated Jan 4, 2017 at 00:02 UTC
In a marketplace in which the value propositions of digital currencies are continually analyzed and questioned, it seems monero is showing signs it could buck this trend.
What is a Decentralized Application?
How Does Blockchain Technology Work?
However, it could be said to have struggled courting the interest of major exchanges.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by astrict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
The decision marks the latest validation for the privacy-oriented digital currency, which in 2016 found traction in appealing to users interested in transacting on dark markets or who otherwise desired, or believed there could be demand for, digital currencies with added privacy features.
Bitcoin Pizza Day 2: How A Lightning Payment Just Made History
Ribbon cutting imagevia Shutterstock
I would like to receive the following emails:CoinDesk Weekly – Insights for the week aheadCoinDesk Daily – Our snapshot of the days news
Subscribe to our free newsletter and follow us
Monero is one of the leading cryptocurrencies that has seen huge 40x market cap growth in 2016 and trades with high volume and liquidity, Kraken stated on its blog. Monero is built on the core principles of privacy, decentralization, open development, scalability and fungibility.
As monero harnessesring signaturesto help users remain anonymous, it has enjoyed a slow increase in both adoption and prices since its release in 2014. Indeed, evennotoriously ficklebitcoin developers are now supporting the project due to its potential privacy advances.
Bitcoin Awaits Price Breakout As Trading Range Tightens
