Kraken Completes Biggest Crypto Deal to date

One of the biggest crypto exchanges globally, has acquired  United Kingdom-based cryptocurrency exchange, Crypto Facilities for a reported fee of over $100 million, making this the largest cryptocurrency sector’s deal of the year. Kraken had already launched margin trading options for two of the top digital currencies by market capitalization, Bitcoin Cash and XRP back in December and it now seems to have sealed the biggest Crypto-deal of 2019 so far exciting Crypto-fans and lovers worldwide.

The company – that is HeadQuartered in San Francisco – announced on Monday that the mammoth acquisition-deal would enable its customers to trade crypto-related futures and spotsand would – in retrospect – also allow the exchange to offer futures trading involving Bitcoin, Bitcoin Cash, XRP, Litecoi, and Ether trading pairs – all by integrating Crypto Facilities’ features.

“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.” Kraken CEO Jesse Powell noted in the company’s press release which you can see in full by simply clicking here. “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.” Jesse added.

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.”

Crypto Facilities will however keep most of its operations and base in the United Kingdom, hence benefiting from the regulatory oversight of the Financial Conduct Authority, one of the world’s most forward looking and innovation-focused regulators, and reflecting Kraken’s commitment to the UK as the leading financial and cryptocurrency hub in Europe.

The takeover is one of many expected as crypto-exchanges seek to increase their reach and circumvent restrictions engendered by the patchwork regulatory landscape in the U.S. versus other potential markets. Bittrex, another well-known exchange also recently opted to launch an international counterpart to its trading platform, segregating its U.S. users in order to offer more tokens to non-U.S. markets a little while back as reported by the Coin Telegraph.

About KRAKEN

Based in San Francisco, Kraken was founded in 2011 and is the world’s largest global bitcoin exchange in euro volume and liquidity. Kraken’s clients also trade US dollars, Canadian dollars, British pounds, Japanese yen and other digital currencies on a platform consistently rated the best and most secure bitcoin exchange by independent news media.It was also the first bitcoin exchange to have its market data displayed on the Bloomberg Terminal, the first to pass a cryptographically verifiable proof-of-reserves audit and one of the first exchanges to offer leveraged bitcoin margin trading.

Kraken is trusted by over 4 million traders, institutions and authorities across the world. In 2018 the exchange processed nearly $90 billion in volume while its white-glove OTC desk handled over $2 billion in trades. Since 2016, Kraken has acquired major bitcoin exchanges Coinsetter, Cavirtex and CleverCoin; the award-winning wallet-funding service Glidera; and the popular multi-exchange charting, trading and portfolio tracking platform Cryptowatch, expanding its global reach.

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