In order to further its plan of growing the European market, Kraken is presently in the process of acquiring the Dutch exchange.
Kraken acquired the Dutch exchange, broadening its European operation. Photo: Crypto Times
On the evening of October 5, Kraken announced an agreement to acquire another exchange, Coin Meester BV (BCM), with the goal of increasing its market share in Europe. The value of the deal has not yet been disclosed.
Kraken intends to accelerate its expansion in Europe, particularly after the European Commission established the MiCA crypto regulation structure, which opens up investment and enables consumers official access. Kraken is actively seeking licenses in additional countries within the region, in addition to holding licenses for VASP in Ireland, Italy, and Spain.
The Kraken CEO, David Ripley, regards the Netherlands as a primary market due to its strong economy, wide acceptance of cryptocurrencies, and innovative culture.
“Kraken will have a competitive advantage in the Dutch market thanks to the acquisition of BCM. In the future, the company will develop numerous useful products for BCM customers.
Regarding BCM, the CEO and co-founder of the exchange also expressed belief in Kraken, emphasizing that their current customers will benefit from Kraken’s investment as well.
Founded in 2017, BCM (formerly Bitcoin Meester) is one of the oldest registered crypto brokers in the Netherlands. The platform offers trading and staking services for more than 170 cryptocurrencies.
Nonetheless, adherence to regulations and approval from the De Nederlandsche central bank are required for this agreement.
Beginning early in the following year, Kraken also plans to enter the securities industry. Additional trading in US stocks and ETFs will be available through the new service Kraken Securities.
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