Your machine can connect to an exchange so that cryptocurrency is automatically repurchased at market rates with each transaction at your machine. In this way, price volatility is avoided and your inventory is replenished.
Before proceeding to the steps that follow, please watch our video showing a full setup of Kraken below. This will help familiarise you with the full process, and you're welcome to follow along!
First, sign up for a Kraken account: kraken.com/sign-up
Then, verify your account in order to deposit and withdraw funds: kraken.com/u/verify
⚠️ NOTE: Kraken requires a Pro Corporate account of its customers who are reselling cryptocurrencies. Please reach out to Lamassu support to be put in contact with one of Kraken's dedicated account representatives who are available to help you upgrade to a Pro Corporate account.
Once verified, deposit fiat funds to your account balance:
- If your machine uses EUR, deposit to Kraken's EUR balance.
- If the machine uses USD, deposit to Kraken's USD balance.
- For all other machine currencies, deposit funds on EUR.
Create an API key
On Kraken's site, hover over your user icon, click Security, then API: kraken.com/u/security/api
Then, click 'Add Key':
Check the boxes of the Key Permissions shown below, leaving the other settings as they are, then click the 'Generate Key' button:
Copy down the full API Key and Private Key shown.
Configuring in your admin
Go to the 'Settings > 3rd party services' menu in your Lamassu admin and click the pencil icon on the Kraken panel.
Paste the API Key and Private Key credentials, and click the 'Save changes' button.
Then, navigate to the 'Settings > Wallet' menu. Click the pencil icon for the coin that will be using Kraken as an Exchange.
Select 'Kraken' from the Ticker and Exchange columns drop-down menu and then click 'Save'.
Test trades by placing purchases at the machine and ensure fiat is converted into the relevant cryptocurrency in your Kraken balances.
Purchases will need to be above Kraken's trade minimums in order to be executed.
⚠️ NOTE: The API key must be used in your lamassu-server instance only and shouldn’t be reused in any other system.
Setting Kraken to trade on other currency markets
As indicated above, if your admin is set to use another fiat currency than EUR or USD, then the module defaults to trading on Kraken's EUR market.
If you would prefer instead to trade on the USD market (available for all cryptocurrencies), follow this article to do so.