Giant cryptocurrency exchange Kraken unveils an ambitious plan designed to cement its foothold in the European market. This intention is crystalized through the acquisition of Coin Meester B.V. (BCM), a revered Dutch crypto broker. Kraken's focus on the Netherlands stems from their strategic plan, namely the European Expansion blueprint. "Compliance with European standards" is a strong ethos in Kraken's business growth pathway, with active registration procedures ongoing in several European markets.
Expansion of Kraken: Landing in the Netherlands
Making headway into the business world, Kraken recently announced an anticipated take over BCM in the Netherlands. Being an organization that sprung to life in 2017, BCM holds the tag of being among the pioneers and widely recognized crypto brokers in the Netherlands. Their offerings traverse buying, selling, and staking crypto services, with an expanse of over 170 disparate cryptocurrencies at consumers’ disposal.
The Path to Greater Heights: Kraken Solidifies Dutch Presence
This potential acquisition is set to provide a strong base for Kraken in Dutch soils, hence strengthening its presence. Notably, this move will largely benefit BCM's customer base, placing under their reach an array of Kraken's products, unmatched liquidity, superior security levels amongst other benefits. According to the information docket, customers will enjoy a live client support that is available round-the-clock, every day of the year.
David Ripley, Kraken's CEO, expressed enthusiasm over this planned acquisition. He noted, "The incorporation of BCM into our portfolio presents us a considerable stance in the Dutch market. Further, BCM's clientele is set to enjoy sophisticated products.” David Ripley added, "Owning to the country's robust economy, the Netherlands forms a crucial part of our European expansion strategy."
Fast-tracking European Plans and Complying with Regulation
Riding on the back of the emerging legislation from the European Commission known as the Markets in Crypto-Assets (MiCA) framework, Kraken sees an opportunity to speed up their European penetration. MiCA offers the much-needed assurance for industry players to beef up investments in the region, leading to more competitive services and products for the consumers.
Kraken portrays its commitment to adhering to European laws and regulations associated with crypto trading. This commitment is shown by pursuing VASP (virtual asset service provider) licenses in multiple European countries such as Ireland, Italy, and Spain. The exchange is also on track in seeking registrations in more European countries.
Finalizing the Acquisition: Awaiting Approval
Kraken's proposed acquisition of the Dutch crypto broker is hinged on meeting traditional end conditions, primary among them being the procurement of necessary approvals from regulatory bodies.
What are your thoughts regarding the acquisition move by Kraken? We invite you to share your views in the comments below.
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By: Kevin Helms
Title: Kraken's Strategic Move: Acquisition of Dutch Crypto Broker Coin Meester
Sourced From: news.bitcoin.com/kraken-to-expand-its-presence-in-europe-with-acquisition-of-dutch-crypto-broker/
Published Date: Sat, 07 Oct 2023 02:30:04 +0000