Kraken Acquires Dutch Exchange BCM, Expanding Its European Operations
Date: 2023-10-06 Author: Dima Zakharov Categories: BUSINESS, IN WORLD
American cryptocurrency exchange Kraken has announced its plans to acquire the Dutch cryptocurrency exchange Coin Meester BV (BCM) as part of its European expansion strategy. This news comes in the wake of the European Union's introduction of regulatory framework for crypto asset markets (MiCA).
Expanding Kraken's Business in Europe
Kraken is actively expanding its presence in Europe and has already acquired licenses to provide virtual asset service provider (VASP) services in Ireland, Italy, and Spain. These licenses will enable the company to more actively engage with clients in these countries and offer them cryptocurrency services.
Why the Netherlands?
In a statement by Kraken's CEO David Ripley, the strength of the Dutch economy and the high level of cryptocurrency adoption in the country are emphasized. The Netherlands is known for its culture of innovation and a favorable environment for the development of technology startups, making it an attractive location for companies operating in the cryptocurrency space.
Plans After Acquisition
The acquisition of BCM will grant Kraken a significant position in the Dutch cryptocurrency market and allow BCM's clients to benefit from a more reliable portfolio of products. This move will also contribute to innovations in the cryptocurrency space and enrich Kraken's offerings to its clients.
Co-founder and CEO of BCM, Mitchell Zandwijken, notes that their existing client base will gain advantages from the investments and innovations that Kraken will bring after the acquisition. With over a decade of experience in the cryptocurrency field, Kraken is a pioneer in this space and possesses expertise that can assist BCM and its clients.
A Glimpse into BCM
BCM, recently rebranded as Bitcoin Meester, was founded in 2017 and offers a wide range of cryptocurrency trading and placement services. Among its offerings is access to more than 170 different cryptocurrencies.
Regulatory Approval Required
Both companies acknowledge that the deal is subject to approval from regulatory authorities, including permission from the central bank of the Netherlands. This is an important condition for completing the transaction, and its final approval will depend on meeting all necessary requirements.
This acquisition by Kraken could be a significant milestone in their strategy to expand in the European market and strengthen their position as one of the leading cryptocurrency exchanges globally.
