Kraken acquires London-based Crypto Facilities
Kraken, the US cryptocurrency exchange, has announced the acquisition of Crypto Facilities, a regulated cryptocurrency trading platform and index provider.
London-based Crypto Facilities offers individuals and institutions secure, 24/7 trading on a range of cryptocurrency derivatives.
Kraken told the FT it had paid “nine figures” for Crypto, which lists futures on many of the most popular cryptocurrencies such as bitcoin, ethereum, ripple, XRP, litecoin and bitcoin cash. Crypto Facilities works under the regulatory supervision of the UK’s Financial Conduct Authority.
“I’m thrilled to welcome the Crypto Facilities team into the Kraken family,” said Kraken CEO Jesse Powell. “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.”
Timo Schlaefer, Crypto Facilities CEO and Founder, said: “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.”
AP reports Crypto Facilities will remain London-based reflecting Kraken’s commitment to the UK as the leading financial and cryptocurrency hub in Europe.
The nine-figure deal is Kraken’s largest acquisition to date and one of the largest the industry has seen. Kraken’s previous acquisitions include major Bitcoin exchanges Coinsetter, Cavirtex and CleverCoin; the award-winning wallet funding service Glidera; and the popular multi-exchange charting, trading and portfolio tracking platform Cryptowatch.