Kraken Acquires Australian Firm, Bit Trade

Kraken Acquires Australian Firm, Bit Trade

Kraken has announced the acquisition of Bit Trade – the longest-running Australian crypto service provider.

Bit Trade has been in business since as far back as 2013. In that time, it has established a solid reputation thanks to its intuitive and sophisticated products and its assistance on ensuring security and regulatory compliance. This made it an ideal acquisition for Kraken, who will now be able to benefit from its established name while helping to take the firm to the next stage with their own industry expertise. 

As per the blog post announcing the news of the new acquisition, “With this acquisition, Kraken will focus on being the premier crypto service in Australia with the best AUD liquidity, trading experience, and support for both institutional and retail clients.” The blog post went on to say that it “also deepens (their)overall presence in the APAC region, and further bolsters our industry-leading OTC trading operation, which acquired Circle Trade, one of the most recognized OTC desks in crypto last month.”

As well as Circle Trade, the platform also acquired the London-based cryptocurrency derivatives trading platform and industry-leading index provider, Crypto Facilities, and cryptocurrency hedge funds’ firm, Interexchange in the Summer. With this considered, this is just the latest in a long line of acquisition the firm have conducted, with it unlikely to be the last either as Kraken continue pushing forward both internally and externally.

In terms of Bit Trade itself, the same team will continue to work at the firm, just now under the new guidance of Kraken. With Jonathon Miller, the former managing director and co-founder of Bit Trade, being appointed the new Managing Director for Kraken in Australia.

Due to the new deal between the two firms, Kraken will now offer a multi-exchange aggregator which will combine several trading platforms into a single interface and the ensure best price and execution for clients.  As well as this, Kraken will now brag one of the largest OTC desks in Australia, allowing users to trade in large volume without moving markets.

Exciting stuff!

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