Kraken Acquires Crypto Facilities in an Undisclosed “Nine-Figure Deal”

Kraken Acquires Crypto Facilities in an Undisclosed “Nine-Figure Deal”

There are three things that Kraken—the San Francisco based cryptocurrency exchange market creators and exchange do. The first “gift” you the power of not only buying and selling several high liquid digital assets but allow users to trade these very assets. At Kraken, you can, not only buy and sell assets like Bitcoin but you can trade more than 50 trading pairs.

To quantify how popular this exchange is, it has more than four million clients spread out across 190 countries, offer 20 traded assets with 5X leverage trading and because of that, it has executed the buying, selling and trading of more than $120 billion worth of cryptocurrencies. All this is done while the exchange maintains the highest level of security and intuitiveness. And they are taking this a level higher. In a blog post, the exchange announced their acquisition of Crypto Facilities in an undisclosed “nine-figure deal” which Crypto Facilities say is the largest the industry has seen:

Crypto Facilities is regulated cryptocurrency trading platform where individuals, as well as institutions, can safely and easily trade crypto derivatives and indices every day of the year. This is massive for Kraken and acquiring an exchange that is on the good books of regulators and allowed to be the first regulated platform in the UK to roll out futures derivatives of assets like XRP, Bitcoin, Ethereum, Bitcoin Cash and Litecoin as well as the CME CF Bitcoin Reference Rate is a statement by itself.

Kraken said this acquisition “reinforces Kraken’s commitment to meeting client demand for innovative products and services that complement its core spot exchange and white-glove OTC service.”  To this end, Kraken assets will have access to these six futures products and while they will trade efficiently, they will also hedge against downturns.

The CEO of Kraken, Jesse Powell said:

“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.”

His words were complemented by Timo Schlaefer, the Founder, and CEO of Crypto Facilities who had this to say:

“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.”

If anything, Kraken rise stems from their selection, back in 2014—months after the Mt Gox hack that resulted in 850,000 lost BTCs, a $63.6 million in debt and approximately 127,000 disgruntled customers. Then, in their aiding in investigation and distribution of missing Mt Gox assets, victims were supposed to open an account with the Exchange. At that point, the exchange was just starting out, venturing into Japan and with their partnership with Fidor Bank in Germany, Kraken could only serve European clientele. Their involvement with Mt Gox victim recompense combined with an easy to use, feature rich trading interface saw their trade volumes rise cementing its position as one of the largest crypto exchange in the world. All the same, this acquisition is indeed a mark of commitment and as long as crypto exists, Kraken will continue to enhance user experience and take part in infrastructure developments.

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