Kraken Acquires British Crypto Derivative Platform in “Nine-Figure” Deal

Kraken, one of the oldest crypto exchanges in the world, has agreed to take over the British platform Crypto Facilities. The value of the deal was not disclosed, but it can reach $100 million.

Crypto Facilities was created in 2015. Its headquarters based in London. The company specializes in cryptocurrency futures trading. In particular, Bitcoin, Ripple, Bitcoin Cash, and Ethereum futures are available on the platform. Moreover, the crypto exchange has received the necessary permissions from the British regulator and works in a fully legal field.

According to Kraken, thanks to the purchase of Crypto Facilities, clients of crypto exchange will gain access to 6 new trading instruments - futures on BTC, Litecoin, Bitcoin Cash, ETH, Ripple, and also XRP/Bitcoin. But the settlements will be processed in US dollars. Kraken is not going to provide futures with physical delivery of an asset.

The value of the acquisition deal was not disclosed. But as stated in the Kraken press release, it reaches the “nine-digit number.” This acquisition is “one of the largest in crypto exchange’s history.”

Upon completion of the deal, Crypto Facilities will continue to be located in London and will become the Kraken European hub in EU.

  • In 2018, Kraken processed transactions worth $90 billion on its trading platform. Also, the crypto exchange managed to organize OTC-deals with crypto worth $2 billion. According to CoinGecko, Kraken now ranks 52nd in terms of daily trading volumes ($46 million).
1 year ago

Start Weekly Digest

Similar news