Kraken recently announced the launch of Tezos (XTZ) trading on its platform. The popular cryptocurrency exchange service becomes the latest to offer support for the 17th-ranked cryptocurrency.

Kraken Launches Tezos Trading

The platform announced the news in a blog post published on its website on Monday (October 15, 2018). According to the post, XTZ trading would commence the following day by 8 am PST.

Users of the platform will be able to trade Tezos with USD, EUR, and CAD. The exchange also offers support for XTZ trading with both Bitcoin and Ethereum.

According to Kraken, XTZ trading support will be available for both the new and old trading platforms. However, the exchange announced that there wouldn’t be any margin trading for XTZ but it may include such a feature in the future.

Price Reacts

Kraken joins other platforms like Evolve Markets and HitBTC in listing XTZ tokens for trading. The announcement unsurprisingly caused a significant surge in XTZ token price. At the time of writing this article, Tezos is up more than 11 percent in the last 24 hours.

At the peak of the climb, XTZ nearly eclipsed $1.50. However, a slight pullback has seen the price fall to $1.44. In all, Tezos has gained more than four percent over the last seven days. This recent run appears to be a combination of the Kraken listing and the general market recovery.

XTZ is still way off its $11 all-time high achieved in mid-December 2017 right when the market was in the midst of a stellar run on the back of Bitcoin almost reaching $20,000. Tezos has also not recovered from the major slump that occurred when it officially began trading in July 2018.

Tezos Finally on Track?

The Kraken listing is yet another positive development for Tezos, a project that has endured a lot of controversy after its groundbreaking ICO success in mid-2017. In recent times, the project appears to be moving a positive direction which should allay some investor concerns.

Last month, the Tezos mainnet went live after a successful beta testing period that began in June 2018. Presently, the focus is on expanding the Tezos ecosystem to include more innovative decentralized applications (dApps). In a recent tweet by the Tezos Commons Foundation, Zastrin Labs, a blockchain education company plans and a recipient of a TCF Grant, plans to launch an online course on building dApps on the Tezos blockchain.

Do you think Tezos is finally headed in the right direction? Let us know your thoughts in the comment section below.

Images courtesy of Twitter (@krakenfx and @TezosCommons) and ShutterStock

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