Cryptocurrency exchange Kraken begins trading in Melon tokens (MLN)

Cryptocurrency exchange Kraken will begin trading in Melon tokens (MLN) shortly after Melon goes live today (March 15 at 11am UTC).

Melon provides a blockchain-based protocol for a new breed of hedge funds where the prospectus and investment parameters are enforced by smart contracts on Ethereum. The project is run by former Goldman trader Mona El Isa, CTO Reto Trinkler, and counts Ethereum's Dr Gavin Wood as an advisor. Melonport, the company behind Melon, had a very successful Initial Coin Offering (ICO), hitting its target of 227,000 ETH, currently worth about $6.5million, within 10 minutes.

Kraken will be supporting trading in: MLN/XBT (melon-bitcoin) and MLN/ETH (melon-ether).

"We are working to possibly offer MLN margin trading later – stay tuned!" said Kraken in a statement.

A maximum of 1.25 million MLN tokens will be created before the deployment of the final version of Melon (expected to take about two years).

A total of 600,000 MLN will be tradeable immediately (500,000 from the ICO and 100,000 assigned for the Melonport company to use). Another 650,000 will become tradeable later (500,000 reserved for a future crowdsale and 150,000 assigned to founders, advisors, and corporate partners that will be locked and non-tradable for two years or until Melon is fully deployed.

To deposit MLN in a Kraken account, go to Funding > Deposit > MLN and click "Generate New Address." Then send MLN to this deposit address with any Ethereum wallet or client that supports tokens, like Parity or Mist. MLN will also be available on Kraken's new trade platform; more details here.