Dubbed as the world’s most secure crypto exchange, Kraken, has entered the European market by acquiring a regulated cryptocurrency company, Crypto Facilities.
Although the exact amount of the acquisition has not been revealed, it is gauged to be in the upwards of 100 million U.S dollars. While announcing the acquisition, Kraken’s CEO, Jesse Powell said:
I’m thrilled to welcome the Crypto Facilities team into the Kraken family. We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019.
Crypto Facilities is a London-based virtual currency firm offering crypto derivatives under the watchful eye of U.K’s financial watchdog, the Financial Conduct Authority.
More than offering derivatives, Crypto Facilities:
Is also the leading cryptocurrency index provider, calculating and administering the CME CF Bitcoin Reference Rate powering the CME Group’s Bitcoin Futures.
Even after being acquired by the most secure crypto exchange, the firm will continue providing the cryptocurrency index. More than just offering a crypto index, Crypto Facilities was the first crypto firm to gain regulatory approval to offer ETH, BTC, LTC, XRP and BCH futures.
Kraken’s list of acquisitions includes Coinsetter, Cavirtex, and CleverCoin which are also crypto exchanges. For Crypto Facilities, the acquisition will help it advance the creation of future-focused products consequently adding to the value it delivers to clients.
While speaking to CoinDesk, the CEO of the most secure crypto exchange, observed that the acquisition puts them at the top since there is no other regulated crypto firm offering derivatives in Europe.
The nine-figure acquisition comes at a time when Kraken is seeking to provide a new user interface which it released a demo last week,
By being considered the most secure crypto exchange, do you think Kraken will have a bigger market share compared to others like Coinbase who have recently entered the European market?
Let us know your thoughts in the comments section below.