Deal Announcement
Cryptocurrency exchange Kraken, based in the United States, has revealed plans to acquire Netherlands-based exchange Coin Meester B.V. (BCM) as part of its strategy for expansion into Europe. The financial details of the deal have not been disclosed, but the announcement follows the establishment of the European Union's regulatory framework for crypto-assets.
European Growth
Kraken's acquisition of BCM aligns with its mission to grow its business across Europe. This move comes after Kraken obtained virtual asset service provider (VASP) licenses to operate in Ireland, Italy, and Spain. By targeting the Dutch market, Kraken aims to capitalize on the strength of the Netherlands economy, its high level of cryptocurrency adoption, and its culture of innovation.
Benefits for Clients
The CEO of Kraken, David Ripley, emphasized that the acquisition of BCM will give Kraken a significant presence in the Dutch market. It will also enable BCM's clients to access a wider range of products and services offered by Kraken. BCM's CEO, Mitchell Zandwijken, expressed that its existing client base will benefit from Kraken's investment and expertise, given its pioneering role in the crypto industry over the past decade.
About BCM
Established in 2017, BCM (formerly Bitcoin Meester) is a Dutch cryptocurrency exchange that offers trading and staking services for over 170 cryptocurrencies. The company is registered as a cryptocurrency service provider with De Nederlandsche Bank.
Regulatory Approval
The acquisition of BCM by Kraken is subject to regulatory approvals, including clearance from the Dutch Central Bank. Both companies await these approvals before finalizing the deal.
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