Kraken, one of the largest and oldest cryptocurrency exchanges in the world, has announced that it will cease trading for Tribe (TRIBE), an altcoin that aims to create a decentralized management platform, on June 1.
According to a statement posted on its website, Kraken said it has decided to remove TRIBE from its trading platform after careful consideration.
The exchange did not provide a specific reason for the delist, but said it strives to provide its users with a safe and efficient trading environment.
The statement also informed users about the timeline:
- May 30, 2023 18:30 CEST: TRIBE USD and EUR pairs will go into cancellation-only mode, meaning users will not be able to place new orders, but will be able to cancel existing TRIBE-related orders.
- June 1, 2023 at 18:30 CEST: TRIBE USD and EUR pairs will be permanently removed. Users with open positions will have their positions closed automatically.
Kraken also stated that funding for TRIBE will remain open until further notice, and users can continue to deposit and withdraw TRIBE from their accounts.
TRIBE is the native token of Fei Protocol, a project aimed at building a scalable and fair decentralized stablecoin system. TRIBE holders can participate in the management of the protocol and benefit from its growth. However, the project has faced some challenges since its launch in April 2023, such as a sharp drop in its supposedly stable value and a high inflation rate.
The FEI stablecoin is trading at around $0.95 at the time of this writing.
*Not investment advice.