Kraken Buys UK Exchange

The cryptocurrency exchange firm of United States Of America, Kraken has acquired Crypto Facilities, a United Kingdom-based cryptocurrency exchange, and future provider. On February 4th, Kraken has officially announced this in a press release. UK’s crypto facilities, which began its operations in the year 2015, which is fully regulated by the Financial Conduct of United Kingdom. It has also given Kraken a major foothold in the market of Europe. The parties have declined to reveal the exact figure involved in the deal, stating only that it was a “nine-figure deal.” The Chief Executive Officer of Kraken, Jesse Powell has commented in the press release stated that, “We are excited to introduce eligible clients to these industry leading futures and index products,” adding to his statements, he said that “ Over the coming months, our teams are going to continue to enhance and expand these offerings.”

The takeover comes as in the near future a lot of exchanges look abroad to increase their reach and circumvent restrictions that endangered by the regulatory patchwork landscape in the United States versus other potential markets. According to the reports of Cointelegraph, the cryptocurrency exchange firm Bittrex has recently opted to launch an international counterpart to its trading platform, segregating its users of United States to offer more tokens to the non-U.S markets.

It is said that Both of the firms, Crypto Facilities, and Kraken has appeared to embrace a London focussed basis which is going forward. The Official Press noted stated that, “The Crypto Facilities will still remain to be the London based and will be benefiting from the regulatory oversight of the FCA ( Financial Conduct Authority), which is one of the world’s most forward-looking and the innovation focussed regulators and reflecting the commitment of Kraken to the United Kingdom as the leading financial and cryptocurrency hub in the entire continent of Europe.”

In the United Kingdom itself meanwhile, it continues to grapple with the legislation and some of the industry parties that are criticizing the plans that could see certain types of cryptocurrency trading instruments, notably derivatives banned. However, according to a survey that was conducted in the month of December, last year has revealed that the awareness is of high levels, regarding the cryptocurrency industry amongst the public in the United Kingdom.

Leave a Reply