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Kraken and Gemini to Announce Trading of Filecoin (FIL) from Oct.15

Hassan Mehmood

ByHassan Mehmood

Oct 15, 2020

The mainnet of an upcoming decentralized project is yet to be launched, but two prominent cryptocurrency exchanges, including Kraken and Gemini, have announced to list the coin.

In its latest announcement, crypto exchange Gemini announced the offering of custody and trading services for FIL token from Oct.15. The announcement came before the launch of Filecoin’s Mainnet. According to the exchange, withdrawals and deposits “will be available at 10:30am ET, Thursday, October 15.”

Trading in four Pairs

Similarly, another famous exchange Kraken also announced its plan to list FIL token over the platform. Trading of the coin will be opened shortly after Filecoin’s mainnet goes live. The trading platform will offer trading in the following pairs: FIL/ETH, FIL/USD, FIL/XBT, FIL/EUR. The minimum limit for deposits and withdrawals stands at 0.1 FIL, while the company will charge a 0.001 FIL fee on deposits and withdrawals. Trading will be lived on Kraken trading site after nearly 2.5 hours of mainnet’s launch.

“300 confirmations are required for deposits to credit, meaning that trading will start approximately 2.5 hours after funding is enabled. The initial trading minimum is 0.125 FIL,” the announcement reads.

Usually, crypto exchanges list tokens after the official launch of their mainnet platforms. This is the first time Gemini and Kraken announce to list token that is yet to be launched.

Decentralized Storage Platform

Filecoin is a decentralized data storage project introduced by Protocol Labs in 2017. At that time, it has raised almost $205 million through an initial coin offering. It is the first decentralized storage platform operated by miners that take fees on storing the data.

Filecoin has the native token known as Filecoin (FIL) that will be used to purchase storage. The decentralized model of the project will remove the third party role at all, thus ensuring transparency and user trust.

The final launch of the mainnet was delayed many times in the past as it was supposed to launch in March. It got delayed due to some developmental changes in the network.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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