Kraken acquires crypto derivatives trading platform in a “nine-figure” deal
San Francisco-based cryptocurrency exchange Kraken is the world’s largest Bitcoin exchange in Euro and liquidity and on Monday the exchange announced the acquisition of Crypto Facilities, a world-leading, regulated cryptocurrency trading platform and index provider. This news was made public by the exchange in its official blog. This latest nine-figure acquisition makes Kraken one of the leaders in cryptocurrency spot and futures trading.
As per the blog, London-based Crypto Facilities provides individuals and institutions transparent, secure, 24/7 trading on a range of cryptocurrency derivatives. Crypto Facilities is one of the pioneers in the crypto space and was among the first to list futures on Bitcoin, Ethereum, XRP, and Bitcoin Cash. It is also one of the leading providers of cryptocurrency index provider.
Speaking about this latest acquisition, Kraken CEO Jesse Powell, “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.”
This latest acquisition brings forth Kraken’s commitment to meet the demands of its clients for innovative products and services. After the acquisition, eligible candidates will get access to futures on six cryptocurrency pairs.
Crypto Facilities was founded in 2014 and is registered with the U.K. Financial Conduct Authority (FCA), which approved the deal.
Echoing similar sentiments, Timo Schlaefer, Crypto Facilities CEO and Founder, said: “It has been our mission to build the most sophisticated, powerful and user-friendly cryptocurrency trading platform. Teaming up with Kraken allows us to innovate the next generation of products and tremendously boosts the value we are able to provide to our clients.”
The nine-figure deal is Kraken’s largest acquisition to date and one of the largest in the cryptocurrency space.
In an interesting development last month, the exchange announced that it will be re-branding. According to the announcement, Kraken will be re-branding their website with new color scheme, new graphics, with an aim to give a different feel to the website. Kraken announced that the re-branding “should strongly reflect our values and personality.”
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