Kraken Completes Acquisition of Crypto Facilities in 9-Figure Deal

Kraken Completes Acquisition of Crypto Facilities in 9-Figure Deal

Major exchange platform, Kraken has announced they have finalised a deal that sees taking ownership of the multi-level crypto business, Crypto Facilities.

The news broke today via a press release shared by Kraken in which they explained the new means that the pair combined “creates a global leader in cryptocurrency spot and futures trading”. London-based firm Crypto Facilities offer a blanket approach to crypto trading.

Who are Crypto Facilities?

They operate both as an exchange platform for leading cryptocurrency derivatives, as well as an industry-leading index provider. With the latter providing calculations for the CME CF Bitcoin Reference Rate that powers the CME Group’s Bitcoin futures.

They have become popular with traders thanks to their transparent service which is twinned with a low latency marketplace, operating under UK laws to ensure they have provided optimal integrity with everything they do. They will remain in London, however. With Kraken planning to make use of the regulatory benefits that Crypto Facilities’ license offers them. Which should help them make a larger impact on the UK market.

How Will It Benefit Users?

According to Kraken the deal, which is said to be in the billions, is an example of the exchange “meeting client demand for innovative products and services that complement its core spot exchange and white-glove OTC service.” The result is for customers that they gain access to six new cryptocurrency trading pairs and adding efficiency to their crypto trading experiences.

As you might expect, both sides of the deal spoke favourably about the new prospect of working together in the near future.

Jesse Powell, CEO Of Kraken explained he was “thrilled” to welcome them into the inner workings of his operation, and doubled down on the benefits it will have for users of Kraken. Stating “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.”

While the founder and CEO of Crypto Facilities explained how, “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.”

Perfect Timing

As such, both teams seem thrilled about the prospects on offer from one another and it certainly seems like the best way for both companies to grow. As for the users’ benefits, they will, of course, be delighted to hear about more opportunities to trade and more means by which to take control over their trading.

The deal also comes at the perfect time as they rush to invest begins again with serious gains made over the weekend. With this new deal, Kraken becomes an even more enticing location to invest in than it was ever was before. The expansion for the exchange platform will likely only continue from here.

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