Kraken acquires a Crypto Trading Company for $100 Million!

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Kraken acquires a Crypto Trading Company for $ 100 Million

Kraken acquires a Crypto Trading Company for $100 Million!

The European Crypto Exchange Kraken recently announced the acquisition of Crypto Facilities, specializing in cryptocurrency futures, for an estimated $100 million.

This new integration will not only allow Kraken’s customers to be more exposed to the future value of digital currency trading, but “significantly accelerate the growth of the company,” said Jesse Powell, CEO of Kraken.

In addition, Crypto Facilities is registered with the Financial Conduct Authority (FCA) of the United Kingdom, which guarantees Kraken legal access to the regulated services provisions.

Jesse Powell said:


“The agreement will add more than 100 members to our team of developers and will benefit crypto trading facilities by allowing us to add more assets. We plan to launch more medium-term contracts and Kraken also plans to launch more ‘Financial assets.”

Regarding exchange options, besides the offer of Bitcoin futures (BTC), Bitcoin Cash (BCH), Ripple XRP, Litecoin (LTC) and Ether (ETH); Crypto Facilities is positioned as one of the CME Group’s leading reference data providers, in particular for the “Bitcoin Reference Rate”.
Meet Spot, the application to control all your wallet and exchange accounts.

Another factor to highlight is the status of Crypto Facilities employees after this paradigm shift.
According to the directors, Timo Schlaefer will remain as CEO alongside 25 other workers who will join the new team.
Likewise, the firm will remain as an independent entity once the acquisition process is completed.

In fact, Jesse Powell explained that the main reason for this change was to align Kraken’s goals with a greater expansion of services that meet the needs of exchange services customers.
As a result of the above, they plan to raise funds to clarify their plans, make future acquisitions and complete their new financial product offerings for 2019.

Powell concluded by estimating the growth of his futures project, which is currently the only one available in Europe.

So Kraken is one of the crypto exchanges that is growing in a very tough crypto market with the longest crypto bear market in Bitcoin history!
Read our article about Coinsquare which fired staff to save money:

Not to mention the latest alarming news about QuadrigaCX or Cryptopia!

While other crypto exchanges are closing, reduce spending or get hacked, Kraken goes ahead and buys new crypto companies.
All of this reinforces Kraken’s prominent position in the crypto market.