According to an official press release, U.S.-based crypto exchange, Kraken, has acquired a U.K.-based crypto exchange and futures provider.
The Uk based crypto exchange, Crypto Facilities, which began operation in 2014 and fully regulated by its Financial Conduct Authority (FCA), was acquired in a "nine-figure deal" (exact figure not disclosed). The “nine-figure” acquisition, the largest seen in the industry so far in 2019, will enable Kraken customers to trade spot, as well as open positions offering exposure to the future price movements of cryptocurrencies, all through a unified trading interface.
London-based Crypto Facilities offers individuals and institutions transparent, secure, 24/7 trading on a range of cryptocurrency derivatives. A pioneer in the industry, the firm was the first regulated entity to list futures on Bitcoin, Ethereum, Ripple XRP, Litecoin and Bitcoin Cash. The firm is also the leading cryptocurrency index provider, calculating the CME CF Bitcoin Reference Rate that powers the CME Group’s Bitcoin futures. Users value the high integrity, low latency marketplace that Crypto Facilities provides under the regulatory supervision of the UK’s Financial Conduct Authority.
According to Kraken CEO, Jesse Powell, Kraken is "excited to introduce eligible clients to these industry leading futures and index products” and will work to "continue to enhance and expand these offerings" in the coming months.
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.”
This move will grant Kraken a strong foothold in the European market, as Crypto Facilities will remain London-based and continue to benefit from the regulatory oversight of the FCA, the financial watchdog of the U.K