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We are very happy to announce that Kraken now supports deposits and withdrawals Dai (DAI), USD Coin (USDC), and Tether (USDT) on the Polygon Network!
Polygon is a Layer 2 scaling solution for Ethereum that aims to increase speed and reduce the cost and complexity of transactions on its network. Polygon is a sidechain that helps increase transaction throughput while maintaining security through the use of a decentralized network of proof-of-stake (PoS) validators. Check out the Kraken Learning Center guide What are Polygons? to learn more.
Funding
Funding is already active. You can transfer stablecoins (DAI, USDC and USDT) to your Kraken account by navigating to Fundingchoose DAI or USDC or USDT, and then use the drop-down box to select the desired deposit method (network): Polygon network.
Already have a stablecoin on the Polygon Network and a Kraken account? ⤵️
Here’s what you need to know about the asset:
Dai (DAI) is a collateral-backed stablecoin pegged to the US Dollar. Dai (DAI) is the first decentralized stablecoin built on the Ethereum blockchain. Because Dai’s price is pegged to the US Dollar, it experiences relatively little market volatility. As a result, it is most often used as a payment method or hedging mechanism. Each Dai is backed by excess collateral deposited into a publicly reviewable Ethereum smart contract. Learn how to add DAI to your crypto portfolio with our Learning Center article How to Buy Dai (DAI).
USD Coin (USDC) is a digital stablecoin pegged to the US Dollar (USD). USDC tokens in circulation are backed by verifiable cash or cash equivalents, such as short-term US Treasury bonds. USDC is used to hedge against price volatility in crypto markets as well as to buy goods and services in decentralized applications (dApps). Learn how to add USDC to your crypto portfolio with our Learning Center article How to buy USD Coins (USDC).
Mooring (USDT) is one of the world’s first stablecoins. Tether (USDT) was created in 2014 as a “stablecoin”, a digital asset that is fully backed 1:1 by a traditional fiat currency, in this case the US Dollar. Tether was designed to be used as a tool for converting cash into digital currency, and claims that all Tether in circulation reflects the amount of their reserves in US Dollars. This causes the value of Tether to stay close to $1 at all times. Learn how to add USDT to your crypto portfolio with our Learning Center article How to Buy Tether (USDT).
Will Kraken provide more assets?
Yes! But our policy is never to disclose any details until shortly before launch – including which assets we’re considering. All available Kraken tokens can be found here, and all future tokens will be announced on the Kraken blog and social media profiles. Our client engagement specialists are unable to answer any questions about which assets we may provide in the future.
Trade with caution
There is no guarantee that a limit order will be executed. There is also no guarantee that a market order will be executed at a certain price. The availability and liquidity of certain digital assets will affect this order type.
This material is for general information purposes only and is not investment advice or a recommendation or a solicitation to buy, sell, stake or hold any crypto asset or to engage in any particular trading strategy. Some crypto products and markets are not regulated, and you may not be covered by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset market can lead to loss of funds. Tax may be paid on any return and/or any increase in the value of your crypto assets and you should seek independent advice on your tax position. Geo-restrictions may apply.
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