Kraken is acquiring Dutch company Coin Meester BV (BCM) as the crypto exchange continues to make a European push.
BCM operates as a crypto broker in the Netherlands and was founded in 2017.
Details about the deal were not made public, and completion of the deal is subject to closing conditions.
In a statement about the acquisition, Kraken CEO David Ripley called the Netherlands a “key market” for Kraken. The crypto broker will give the exchange a “sizable position in the Dutch market.”
“The European market for crypto services is highly fragmented and we see significant opportunity for consolidation to strengthen our position in the region,” Ripley said.
“We’ll continue to invest in the expansion of our European business and are well positioned to capitalize on the opportunity for further growth in the years ahead. We have a very compelling value proposition and look forward to serving even more clients across Europe.”
Kraken received an EU e-money institution license from the Central Bank of Ireland in late September. It also received Virtual Asset Service Provider (VASP) registration from the Bank of Spain.
“We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence,” Curtis Ting, Kraken’s vice president of global operations, said at the time.
The European Union’s Markets in Crypto Assets (MiCa) regulatory framework is set to be fully incorporated next December, giving firms a bit of runway to become compliant under the new rules.
Kraken is also reportedly interested in expanding its business to stock trading, according to a September report from Bloomberg.
“Kraken is always exploring how it can power the global adoption of cryptocurrencies. While we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite,” a spokesperson from Kraken told Blockworks at the time.
Source : Blockworks / October 06, 2023