The acquisition is expected to help Kraken cement its hold on the European market and raise EUR pairs volumes.
Kraken, already one of the largest cryptocurrency trading venues in the world, has taken over yet another bitcoin exchange – Netherlands-based CleverCoin. This comes less than six months after Kraken acquired both Coinsetter and Cavirtex and entered the US and Canadian markets.
Founded in 2013, CleverCoin is a graduate of Boost VC, the accelerator backed by venture capitalists Tim and Adam Draper. The financial terms of the acquisition deal were not disclosed.
CTO and co-founder Karsten Nilsen said: “Kraken is the ideal custodian for CleverCoin going forwards. They are, by every measure, the largest bitcoin and digital asset exchange in Europe and our core beliefs are perfectly aligned. As of today, CleverCoin clients will have seamless access to all the features and benefits of Kraken’s global brand, including the ability to trade many of the most popular currency pairs, the latest technology, the most advanced security, and faster Single Euro Payments Area (SEPA) transfers.”
Former CEO and co-founder Christian de Kok added: “We started CleverCoin to provide access to bitcoin to traders throughout Europe, and today we could not be prouder of our accomplishments. Since 2013, we’ve helped tens of thousands of individuals trade bitcoin and have access to the fastest SEPA payments of any crypto exchange, rivaled only by Kraken. We are excited to hand the torch to our partners at Kraken.”
Kraken CEO Jesse Powell commented: “In record time, the digital currency industry has matured. Our M&A plans have been accelerated by encouraging news throughout the industry. Prices are rising, the regulatory picture is rapidly clarifying, and clients from around the globe are joining us in record numbers. The acquisition of CleverCoin will empower Kraken with greater liquidity and a significantly expanded customer base in Europe, our flagship market.”
In May 2016 Kraken has started to offer Ethereum Dark Pool trading, enabling discreet placing of large orders without exposing intentions to the public. This expands upon the bitcoin dark pool trading that the exchange started offering in June 2015.
Author: Avi Mizrahi
Source: Kraken Continues Acquisition Spree, Buys Dutch Bitcoin Exchange CleverCoin | Finance Magnates