April 19, 2024
Kraken’s strategic move: Acquisition of Dutch-based Coin Meester B.V.
Latest Cryptocurrency News

Kraken’s Strategic Move: Acquiring BCM to Bolster European Presence

Kraken, a United States-based exchange, has unveiled its intention to acquire Coin Meester B.V. (BCM), a cryptocurrency exchange located in the Netherlands, in a bid to expand its presence in Europe. While the financial specifics of the deal remain undisclosed, the acquisition announcement comes in the wake of the European Union’s implementation of its regulatory framework for Markets in Crypto-Assets (MiCA).

Kraken’s expansion strategy in Europe is underscored by its recent acquisition of virtual asset service provider (VASP) licenses to operate in Ireland, Italy, and Spain. CEO David Ripley of Kraken emphasized the robustness of the Dutch economy, the high level of cryptocurrency adoption, and a culture of innovation as motivating factors for establishing a foothold in the Netherlands.

According to David Ripley, the acquisition of BCM will give Kraken a significant presence in the Dutch market and will enable BCM’s clients to access an even more comprehensive range of products.” Mitchell Zandwijken, the co-founder and CEO of BCM (formerly known as Bitcoin Meester), expressed optimism that their existing clientele would benefit from Kraken’s investments and anticipated innovations resulting from the acquisition. Zandwijken added by stating that Kraken is the pioneer in this field with a track record spanning well over a decade, making it the ideal steward of our business going forward.

BCM, originally founded in 2017, specializes in cryptocurrency trading and staking services, offering access to a portfolio of over 170 cryptocurrencies. The company is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the central bank of the Netherlands. Both Kraken and BCM acknowledge that the deal is contingent on regulatory approval, including clearance from the Dutch central bank.

Image by freepik

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