Kraken Announces Acquisition of Crypto Facilities in Nine-Figure Deal

 

 

 

 

 

 

U.S.-based crypto exchange Kraken announced on Monday that it has acquired Crypto Facilities, a regulated cryptocurrency derivatives trading platform and index provider. In a press release announcing the acquisition, Kraken CEO Jesse Powell said:

“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.”

Crypto Facilities is a London-based company that provides institutions and individuals with secure crypto derivatives and was “the first regulated entity to list futures on Bitcoin, Ethereum, Ripple XRP, Litecoin and Bitcoin Cash.” The firm provides crypto indexes and derivatives trading under the Financial Conduct Authority’s supervision.

According to Kraken’s statement, the acquisition will help the company continue to meet its customers' trading needs and expectations:

The acquisition of Crypto Facilities reinforces Kraken’s commitment to meeting client demand for innovative products and services that complement its core spot exchange and white-glove OTC service. Eligible Kraken clients will gain access to futures on six cryptocurrency pairs 2, providing a highly efficient way to trade and hedge cryptocurrency in any market environment.

The exact purchase price was not disclosed, though the press release noted that it involved a “nine-figure deal” that is Kraken’s “largest acquisition to date and one of the largest the industry has seen.”

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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