Kraken announced that it had purchased Crypto Facilities, a regulated cryptocurrencies trading platform and index provider based out of London, in a "Nine-figure" acquisition.
Within the last eight hours, Kraken announced its purchase of Crypto Facilities with the intent to become a "Global leader in cryptocurrency spot and futures trading."
Crypto Facilities provides individuals and institutions 24/7 trading for cryptocurrency derivatives, with leverage up to 50x. The firm claims to be the first regulated entity to list futures for Bitcoin, Ripple's XRP, Ethereum, Litecoin, and Bitcoin Cash.
Crypto Facilities is regulated by the Financial Conduct Authority, the UK equivalent of the SEC-providing substantial credibility to the firm stemming from strong regulatory oversight.
"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."
Reportedly, Kraken acquired Crypto Facilities to satisfy "Client demand for innovative products and services" that complement its exchange and over the counter services.
"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.".
Powell went on to describe Crypto Facilities as having an "Awesome team, awesome product" on Twitter.
Some of Kraken's previous acquisitions include Bitcoin exchange services Coinsetter, Cavirtex, and CleverCoin-wallet funding service Glidera-and multi-exchange charting, trading, and portfolio tracking platform Cryptowatch.
As the crypto trading sector matures, competition between cryptocurrency exchanges will likely intensify.
Kraken Acquired Derivatives Trading Platform and Index Provider 'Crypto Facilities'
Published on Feb 4, 2019
by Cryptoslate | Published on Coinage
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