Digital Assets: Kraken Now Supports Trading with Basilisk (BSX)

Digital asset firm Kraken is pleased to announce that Basilisk (BSX) has begun trading on their platform.

Clients can add BSX to their Kraken accounts “by navigating to Funding, selecting Basilisk, and then Deposit.” Trading with this token started on August 11, 2022.

According to Kraken, here’s what you need to know:

  • Ticker BSX
  • Tradable against EUR, USD
  • Price precision 7 decimal places
  • Deposit confirmations required 25 confirmations (6 minutes)
  • Not available in United States, Canada, Japan
  • Services available Kraken, Kraken Pro

Trading via the Kraken app and instant buy “will be available once liquidity conditions are met (when a sufficient number of buyers and sellers have entered the market and orders can be efficiently matched)”

What is Basilisk (BSX)?

Basilisk (BSX) is “a Kusama-based parachain — a liquidity protocol with a modular, automated market maker (AMM) design.”

It allows early stage crypto projects “to bootstrap liquidity in a fair and efficient manner by choosing the AMM model that best fits their project’s unique use case. BSX is the native token of Basilisk.” It is used “to propose and vote on referendums and participate in council elections affecting the future direction of the protocol.”

As always, Kraken confirmed that it will be making more assets available on its platform.

However, their policy is “to never reveal any details until shortly before launch – including which assets we are considering.” All of Kraken’s available tokens can be found on their official website, and “all future tokens will be announced on Kraken’s blog and social media profiles.”

Their client engagement specialists “cannot answer any questions about which assets we may be listing in the future.”

There is “no guarantee that a limit order will execute,” Kraken noted while adding that there is also “no guarantee a market order will execute at a certain price.” The availability and liquidity of the particular digital asset “will impact these types of orders,” the firm clarified.

In another update, it was noted that Kraken is sharing the results of their second 2022 Proof of Reserves audit, which has been expanded to include:

  • BTC
  • ETH
  • USDT
  • USDC
  • XRP
  • ADA
  • DOT

A Proof of Reserve audit is “a trail-blazing accounting procedure that cryptographically verifies cryptocurrency holdings and account balances.” The results of their most recent audit “were once again verified by top-25 global accounting firm, Armanino LLP.”

The audit “determined Kraken securely held all of the above assets belonging to clients on our exchange, as well as held in our industry-leading on-chain and off-chain staking services.”

For more details, check here.

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