Crypto exchange Kraken has launched FX perpetual futures, expanding into traditional markets with round-the-clock trading for major forex pairs, the company said in a blog post Friday.

The first contracts, EUR/USD and GBP/USD, are now live on Kraken Pro, with more to follow.

Unlike standard forex products, FX perps have no expiry and operate 24/7, mirroring crypto futures.

With FX perps, Kraken is doubling down on serving institutional and professional traders looking for deeper exposure to fiat markets through a crypto-native platform, the company said.

Crypto and traditional financial markets are increasingly converging.

Kraken recently launched commission-free trading for U.S.-listed stocks and exchange-traded funds (ETFs), opening access to traditional financial markets from within the same platform it uses for cryptocurrencies and positioning itself to compete more directly with trading platforms like Robinhood (HOOD).

"Investors increasingly expect a unified trading experience that spans crypto, FX, and equities. With our recent U.S. equities launch and the addition of FX perpetuals, Kraken is delivering a comprehensive platform designed for today’s multi-asset trader," said Alexia Theodorou, head of derivatives at Kraken, in emailed comments.

Kraken clients traded $5.4B in FX spot volume in 2024, with $3.5B of it in EUR/USD and GBP/USD.

The exchange is teaming up with Mastercard to let crypto holders in the U.K. and Europe spend their digital assets at more than 150 million merchants worldwide, Mastercard said earlier this month

Read more: Kraken Teams Up With Mastercard to Introduce Crypto Debit Cards

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