Cryptocurrency exchange services provider Kraken has formally acquired crypto derivatives trading platform and index provider, Crypto Facilities, in a nine-figure deal, reported Fortune. After this acquisition, some Kraken users can obtain both spot and futures dealing. The firm also has an OTC assistance for comprehensive orders. Futures are confined to six combinations for now.
This acquisition of Crypto Facilities strengthens Kraken’s dedication to matching client requirement for innovative commodities and co-operation that complement its essence spot exchange and white-glove OTC assistance. Suitable Kraken clients will obtain access to futures on six cryptocurrency pairs, giving an effective gateway to trade and plant cryptocurrency in any market conditions.
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.
The Crypto Facilities acquisition suggests that Kraken is the primary crypto exchange to allow both spot and futures trading in currencies like Bitcoin, Ethereum, and XRP. Kraken refused to give the particular price of the agreement. The Crypto Facilities was the primary organized entity to give futures on Bitcoin, Ethereum, Ripple XRP, Litecoin and Bitcoin Cash.
Kraken CEO Powell said that the firm has already united the back-end services of Crypto Facilities, which indicates that users of both services will instantly be ready to trade on a separate platform. Futures trading will not be ready for its U.S. customers.
This agreement will boost profits and help bring institutional customers, Powell said, continuing that Kraken’s great balance sheet enabled it to procure the London company completely. The agreement had been in the pictures for 10 months, he said, but Kraken had been waiting for permission, since allowed, from the U.K. regulator Financial Conduct Authority.
The agreement is the highest for Kraken, which has earlier acquired various smaller exchanges as well as a crypto examination firm and a digital wallet firm and adds 20 developers in London to its families. The acquisition arrives at a time when other pre-eminent crypto exchanges such as Binance and Coinbase, are sweating to scale up their services.
Timo Schlaefer, Crypto Facilities CEO and Founder, said
It has been our mission to build the most sophisticated, powerful and user-friendly cryptocurrency trading platform. Teaming up with Kraken allows us to innovate the next generation of products and tremendously boosts the value we are able to provide to our clients.
The nine-figure agreement is Kraken’s biggest acquisition and its earlier acquisitions involve major Bitcoin exchanges Coinsetter, Cavirtex, and CleverCoin. It has also acquired the award-winning wallet funding assistance Glidera; and the famous multi-exchange charting, dealing and securities tracking platform Cryptowatch.
Kraken is one of the finest Europian cryptocurrency exchanges established in 2011, Kraken allows users to buy and sell bitcoins and trade between bitcoins and Euros, US Dollars, Canadian Dollars, British Pounds and Japanese Yen. Kraken has numerous excellent features like margin trading and much more.
Kraken has more than 4 million traders, companies and officials across the world. In 2018 the exchange concocted nearly $90 billion in bulk while its white-glove OTC frame supervised over $2 billion in trades.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.