Kraken, one of the most established cryptocurrency exchanges in the industry, has officially launched trading support for Augur Reputation Tokens (REP) on October 4, 2016. The listing marks a significant milestone for the Augur project — a decentralized prediction market platform built entirely on the Ethereum blockchain — as it takes its first major step into the broader crypto trading ecosystem.
TL;DR
- Kraken launches trading for Augur Reputation Tokens (REP) with six currency pairs
- Augur is a decentralized prediction market platform built on Ethereum
- REP token holders earn rewards by accurately reporting event outcomes
- Trading pairs include REP/XBT, REP/ETH, REP/EUR, REP/USD, REP/CAD, and REP/JPY
- Augur previously raised approximately $5 million in its initial coin offering
What Is Augur and Why Is REP Important?
Augur is a decentralized global prediction market platform built on top of Ethereum. It allows anyone to create, trade, or monitor prediction markets on virtually any topic — from election outcomes to sports results to financial events. Prediction markets have long been studied by economists as powerful tools for aggregating dispersed information, and Augur aims to bring this concept to the blockchain without relying on any central authority.
The REP token plays a critical role in this ecosystem. REP holders are responsible for reporting the final outcome of events that the prediction markets were forecasting. In exchange for accurately and reliably reporting on these outcomes, REP holders receive a share of 50% of all trading fees generated across Augur markets. This creates a powerful economic incentive for honest reporting, which is essential for a decentralized system that cannot rely on a trusted third party to adjudicate results.
Trading Details and Available Pairs
Kraken has rolled out an impressive six trading pairs for REP at launch, signaling strong confidence in the token’s liquidity potential:
- REP/XBT (Bitcoin)
- REP/ETH (Ethereum)
- REP/EUR (Euro)
- REP/USD (US Dollar)
- REP/CAD (Canadian Dollar)
- REP/JPY (Japanese Yen)
The Augur team expressed genuine enthusiasm about the Kraken listing. “We all know that Kraken is one of the top exchanges in the space,” the team stated. “This is more important: we are personal fans of the overall Kraken trading experience. We use Kraken, we trust Kraken and — this is true — even Joey Krug’s mom uses Kraken!”
Margin trading for REP was announced as coming soon, though it was not available at the initial launch.
The Dormant State Mechanism
One interesting technical detail about REP trading on Kraken involves the token’s dormant state. When REP is deposited to Kraken, the tokens are automatically converted to a dormant state, meaning they are freed from the reporting requirements that active REP holders must fulfill. When users withdraw REP from Kraken, the tokens are sent in dormant state and must be manually activated to participate in reporting.
Kraken confirmed with the Augur team that there is no penalty or fine for REP held in dormant state on the exchange, clarifying that some older Augur documentation suggesting otherwise was out of date. However, to earn a share of Augur trading fees, REP must first be withdrawn and activated from dormant state — creating a natural equilibrium between exchange-traded tokens and those participating in the network’s consensus mechanism.
Market Context and ICO Background
Augur raised approximately $5 million in its initial coin offering, making it one of the more successful token sales of the 2015-2016 era. The project was co-founded by Joey Krug, who would go on to become a notable figure in the decentralized finance space. With Ethereum trading at around $13.28 and Bitcoin at approximately $610 on the day of the listing, the broader crypto market was still finding its footing — making Augur’s ambitious prediction market concept all the more forward-looking.
The actual prediction market functionality was not yet enabled at the time of the Kraken listing, with the Augur team indicating it would go live in “a few weeks.” For the time being, REP could only be transferred and traded on Kraken.
Why This Matters
The Kraken listing of REP represented one of the earliest examples of a functional token economy on Ethereum making its way to a major exchange. Augur’s model — where token holders provide a decentralized oracle service and earn fees for honest reporting — would go on to inspire an entire generation of decentralized applications. The project demonstrated that blockchain technology could support more than just digital currencies; it could enable entirely new types of markets and information aggregation systems. While the broader prediction market concept would take years to mature and face significant regulatory hurdles, the October 2016 Kraken listing was an important early validation of the “appcoin” model and the potential for Ethereum-based tokens to create real economic ecosystems.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile, and past events do not guarantee future results. Always conduct your own research before making investment decisions.
REP/XBT and REP/JPY on launch day in 2016. Kraken was the only exchange taking prediction markets seriously back then
market_hist_ REP/JPY wasnt just about asian traders, it was about proving crypto could do real forex rails. most exchanges still cant manage that in 2026
$5M raised and actual mainnet product shipped. wild concept compared to what we see now
6 trading pairs for REP on launch was aggressive for 2016. most tokens were lucky to get listed anywhere back then
6 trading pairs including JPY on launch day in 2016. Kraken was genuinely ahead of the curve on international markets back then
Soren P. JPY pair on launch day in 2016 was Kraken telling everyone they wanted the Asian market. worked for a while until every other exchange copied the playbook
raised $5 million in the ICO and REP had actual utility. compare that to 2024 where projects raise $50m for a whitepaper with a misspelled token name
Bruno S. 5M ICO with actual working tech vs 2024 projects raising 50M for a whitepaper and a discord server. the bar moved in the wrong direction
Sangwoo K. 5M for working tech vs 50M for whitepapers. the industry somehow got less efficient at allocating capital as it got bigger
^ the REP reporting mechanism was underrated. earn fees for honest reporting, slash for dishonest. simple game theory that actually worked
earn fees for honest reporting and get slashed for dishonesty. simple game theory that most prediction market copycats still havent figured out
$5M ICO with working mainnet product vs $50M for a whitepaper. the 2016-2017 era was actually more efficient at capital allocation than people think
REP had 6 trading pairs on Kraken at launch and most 2024 tokens struggle to get one listing. the bar for exchange integration was higher back then in a weird way
Priti N. six trading pairs on kraken for a prediction market token in 2016. most tier 1 exchange listings in 2026 get maybe 2 pairs
market_hist_ the JPY pair specifically was huge for asian traders. most exchanges didnt bother with fiat rails beyond USD and EUR
Wei C. the JPY pair was wild for 2016. most exchanges could barely handle USD rails and Kraken was out here with six currency pairs for a prediction market token
REP reporting mechanism was elegant game theory. too bad Augur v2 UX was so bad nobody used it. tech was 10/10, interface was 0/10
5M ICO with actual working product vs 2024 projects raising 50M for whitepapers. the bar moved in the wrong direction
REP reporting mechanism was 10/10 tech but v2 UX was 0/10. nobody used it even though the game theory actually worked
augur_vet 10/10 tech 0/10 UX is the most accurate summary of Augur ever written. the reporting game theory was brilliant, the interface made you want to close the tab
6 trading pairs for REP on launch was aggressive for 2016. most tokens were lucky to get listed anywhere back then
the reporting slash mechanism was so far ahead of its time. now every prediction market project claims to have invented it