San Francisco-based Kraken has now allowed the EOS deposits and withdrawals on its platform after halting the services on June 1 in preparation of its Mainnet launch. But people are still unclear about how it will work.
EOS stable enough, deposit & withdrawals now live on Kraken
Kraken officially announced on its Twitter platform that they are resuming the deposits and withdrawals of fifth largest cryptocurrency EOS. A few hours back the exchange shared,
“EOS deposits and withdrawals are now live on Kraken! Deposits are free and the minimum deposit amount is 0.01 EOS.”
San Francisco-based Kraken is among the top 15 cryptocurrency exchanges according to the Coinmarketcap. Managing about 112.6 million trading volume in a day, it has approximately 55 cryptocurrencies listed on its platform. About $4 million daily trading volume of EOS is managed on the exchange in different trading pairs viz. EUS, USD, BTC, and ETH combined.
On June 1, 2018, Kraken took the EOS funding offline in preparation of its mainent launch. The exchange has stated that the funding will remain offline until they are confident that the mainnet is stable. Though last week, the EOS network stopping functioning and experienced issues, the block producers have actively resolved the issue and frozen the accounts that were allegedly involved in nefarious activity.
By resuming the deposits and withdrawals, it means, Kraken is confident of the stability of the EOS network.
But people are unclear
However, this doesn’t mean people are all clear, ESO users have their own confusions and of course expectations. One Redditor asked, “no binance yet?”
Another Redditor replied to someone’s question if the exchange will create an account to withdraw, “Good Question. it is also unclear to me how you create a new eos wallet with zero balance to receive your funds.”
However, someone else did provide an answer with, “not possible yet, you need a wallet with funds in order to create another wallet. You will have to ask Kraken, or someone else to make a new wallet.”
Well, this is not all, as this Redditor tries to figure it out,
“So the name did not change at all? But it’s just the location in the background that has changed. We can still trade these coins like always right? Or do we need to do something special now?”
ESO is currently at $10.47with a rise of about 0.90 percent in the last 24-hours. With a market cap of over $9 billion, its 24-hour trading volume registered is $741 million.
Just yesterday, Bitfinex also resumed the deposit and withdrawal of EOS on its platform. EOS users are eagerly waiting for the same announcement from other exchanges as well which given the way exchanges have started the process already, it won’t belong. However, it’s yet to be seen if EOS is finally stable or is going to have any more hiccups.
Do you think EOS network is completely stable now for Kraken to start its deposits and withdrawals? Share your thoughts with us!
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]