Kraken now Supports Cardano (ADA) as Collateral
Cryptocurrency exchange Kraken has announced that Cardano (ADA) is now supported as collateral on its futures platform.
It also supports cryptocurrencies such as Chainlink (LINK), Polkadot (DOT), Decentraland (MANA), and others.
The proprietary token of one of the leading PoS protocols can now be used to access dozens of cryptocurrency futures contracts. Kraken offers single and multi-collateral futures contracts.
As the name suggests, the first type allows users to use only the underlying cryptocurrency of a certain pair as collateral.
The second type allows traders to deposit multiple cryptocurrencies as collateral, which means that they are not limited to the base currency.
You can look up all assets supported as collateral on the platform here.
Cardano as collateral
It is worth noting that the ADA token has a 10% reduction in the margin value of the collateral.
For example, if a person’s balance is 1,000 ADA tokens, 900 ADA tokens are counted as collateral that can be used to secure positions.
The amount of the discount varies for different cryptocurrencies: from 0% for Bitcoin (BTC) to 50% for Avalanche (AVAX) and Tezos (XTZ).
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
