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Laxman Pai, Opalesque Asia: The US cryptocurrency exchange Kraken has made its largest acquisition to date, pushing into futures trading with the purchase of London-based Crypto Facilities.
The parties declined to reveal the exact figure involved in the deal, saying only that it was a "nine-figure deal."
Crypto Facilities, which began operating in 2015, is fully regulated by the U.K.'s Financial Conduct Authority, giving Kraken a major foothold in the European market. It lists futures on many of the most popular cryptocurrencies such as bitcoin, ethereum, ripple, XRP, litecoin and bitcoin cash.
The agreement underlines industry determination to press on building market infrastructure to attract institutional investors such as hedge funds, even as the price of cryptocurrencies dropped precipitously at the end of last year.
"We are excited to introduce eligible clients to these industry leading futures and index products," Kraken CEO Jesse Powell commented in the press release, adding: "Over the coming months, our teams will continue to enhance and expand these offerings."
Kraken claims that it has 4 million clients in over 190 countries, including professionals, institutions and authorities.
"Kraken delivers seamless trading in 20 digital assets and 70+ currency pairs, and offers the industry's most popular advanced charting, trading and portfolio tracking tools through Cryptowatch," it said.
Timo Schlaefer, Crypto Facilities CEO and Founder, said: "...................... To view our full article Click here
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