May 25, 2024
Latest Cryptocurrency News

Kraken Expands in Germany with DLT Finance Partnership

In a recent press release, cryptocurrency exchange Kraken announced a strategic partnership with BaFin-licensed DLT Finance. DLT Finance is a subsidiary of DLT Securities GmbH and DLT Custody Gmbh.

This partnership will introduce digital asset services for users in Germany. The move comes amid growing interest in cryptocurrencies across Europe and particularly in Germany.

Rising Crypto Adoption in Germany

Germany and Europe have emerged as key hubs for cryptocurrency adoption this year. German cities have shown significant interest in events like the Bitcoin halving, underscoring a growing appetite for digital assets. Moreover, European crypto banking services have been gaining prominence in the sector.

Kraken CEO David Ripley emphasized the increasing demand for cryptocurrencies in Germany, noting that over 5% of Germans now own digital assets.

Moreover, he highlighted the significance of the partnership in providing German clients with access to a top-tier crypto trading platform. This becomes more crucial as the country transitions to new pan-European regulatory frameworks.

Driving Regulated Digital Asset Adoption in the EU

DLT Finance Co-Founder and CEO Marius Sewing expressed optimism about the collaboration. He stated that it will play a crucial role in promoting regulated digital asset adoption across the European Union.

Furthermore, this partnership gains significance as the EU moves forward with implementing the Markets in Crypto Assets Regulation (MiCA).

MiCA, which took three years to develop, is a comprehensive regulatory framework for cryptocurrencies. It lays down rules for digital asset service providers and sets standards for stablecoin issuance and reserve requirements. While the law was passed last year, full implementation is slated for December.

Kraken’s European Expansion Strategy

Kraken’s partnership with DLT Finance aligns with its broader strategy of expanding its presence in Europe.

The company’s recent bid to acquire Dutch crypto broker Coin Meester B.V. and its approval as an E-Money Institution by Ireland’s central bank further bolster its foothold in the region.

With registrations in the Netherlands and approvals in multiple European countries, Kraken is poised to serve a growing market of cryptocurrency users across the continent.

Image by artbutenkov on Freepik

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