Kraken Expanding in Europe, Acquiring Dutch Broker BCM.

Dilip9777

"The long-established U.S. exchange Kraken has recently been dedicated to expanding its European operations and announced plans to acquire the Dutch cryptocurrency broker Coin Meester BV (BCM) to expedite its progress in the European market.

BCM offers services for over a hundred cryptocurrencies. The cryptocurrency broker BCM, established in 2017, provides services for buying, selling, and staking cryptocurrencies, including the use of over 170 cryptocurrencies and a robust local financing channel.

Kraken's CEO, David Ripley, stated: ""The Netherlands is one of the world's most advanced economies with a strong culture of innovation and high cryptocurrency adoption. It is a key market for our European expansion plans. The acquisition of BCM will position Kraken significantly in the Dutch market and will benefit BCM's customers with a stronger product offering.""

The proposed acquisition is subject to regulatory approval, and Kraken has not disclosed the financial details of this transaction.

Kraken Accelerates European Plans Under MiCA Framework

Kraken's decision to accelerate its European growth plans came after the European Commission established the regulatory framework for crypto assets known as the Markets in Crypto Assets (MiCA) framework. This framework allows industry participants to confidently invest in the region and provides consumers with more competitive products and services.

In addition to obtaining VASP licenses in Ireland, Italy, and Spain, Kraken is actively seeking regulatory registration in other European markets.

Furthermore, Kraken is actively entering the derivatives market. In 2019, Kraken acquired Crypto Facilities, based in London, which received a license to hold crypto assets under the supervision of the Financial Conduct Authority (FCA) in 2021. According to previous reports, Crypto Facilities is in discussions with the regulatory authority FCA, aiming to provide customers with a wider range of futures contracts, which would require an expansion of its original license (Crypto Facilities' multilateral trading facility license). This process may take 6 to 12 months. Currently, Crypto Facilities offers leveraged and cash-settled futures contracts for institutional investors, including Bitcoin and Ethereum."

Samiksha

Continuously expanding European operations.

977Iti

Plans can't keep up with changes; perhaps it's just a form of hype.

Kahn332

With strength, you can make acquisitions.