One of the largest crypto exchanges in the United States- Kraken, has officially bought the United Kingdom’s based crypto futures provider and exchange Crypto Facilities according to the company’s press release that we are covering in today’s crypto news.
Crypto Facilities was founded in 2015 and is fully regulated which gives Kraken a huge step ahead in the European market. Both of the sides decided not to discuss the price of the purchase but they did say that it was a nine-figure deal.
Kraken CEO Jesse Powell said:
“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.
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The decision comes after crypto exchanges are trying to expand abroad and expand their reach to users and at the same time circumventing the restrictions by the regulatory climate in the United States versus other markets.
For example, crypto exchange Bittrex also decided to launch an international branch of its trading platform that will divide the US users so it can be able to offer more tokens to all of the non-US users.
This is why both of the companies (Kraken and Crypto Facilities) agreed on the partnership and focus on going forward. According to the press release:
“Crypto Facilities will remain London-based, benefiting from the regulatory oversight of the Financial Conduct Authority, one of the world’s most forward looking and innovation-focused regulators, and reflecting Kraken’s commitment to the UK as the leading financial and cryptocurrency hub in Europe.’’
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