Kraken, a popular Bitcoin and cryptocurrency trading company, Announced today that it will promptly support the first round of auctions conducted by Parachain Auctions Yayoi Kusama, Polkadot’s “Canary Network”.

In the coming days, customers outside of certain jurisdictions will be able to participate in parachain auctions on Kraken. Starting today, they can contribute Kusama tokens to the project’s parachain slot auction.

In addition, Kraken announced that the “Staking” part of its platform has been renamed “Earn”, and eligible customers will be able to easily participate in the auction.

“Kraken is more than just an exchange. It is a platform that enables customers to seamlessly and securely participate in a series of cryptocurrency-related activities. Parachain auctions open up a whole new perspective for cryptocurrency holders. Therefore, they Can support projects that may make substantial changes to all aspects of our lives. Kraken is proud to support these activities; because our role is to become a critical infrastructure provider for space.”
– Jeremy Welch, Chief Product Office, Kraken

Parachain auctions are a mechanism that allows projects to compete for positions on Kusama’s relay chain; enabling token projects to be launched on their own layer 1 blockchain, but its security is rooted in Kusama’s ecosystem.Parachain auction is set to Publish on Polkadot Later this year.

In the parachain auction, KSM holders vote for projects they wish to succeed by locking their tokens on the Kusama network. The project with the most KSM locked on behalf of them will win the Parachain slot for up to 48 weeks. Once the lock-up period is over, the holders will also withdraw the KSM they contributed.