Cryptocurrency exchange giant Kraken announced today the high-profile and expensive acquisition of Crypto Facilities — an established cryptocurrency trading platform and index provider that is regulated by the Financial Conduct Authority (FCA).
Crypto Facilities is perhaps most notable for as the price reference source for the American financial market company CME Group Inc. Based out of London, the company was the first regulated entity — under the supervision of the FCA — to list Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Litecoin (LTC) and Bitcoin Cash (BCH) futures.
Kraken has stated that the company’s largest acquisition in history was “a nine-figure deal” and was done to further meet client demand.
Kraken launches futures trading via nine-figure deal, will soon close a fundraising round at $4B valuation, has 100 devs and growing, reveals consumer-friendly rebranding, and launches the first podcast to show juicy inner workings of a crypto company.https://t.co/WEIzjxzE8C
— Kraken Exchange (@krakenfx) February 4, 2019
Everyone Keeps Their Jobs
Crypto Facilities’ current team will be integrated into the Kraken team in its entirety — meaning no one has reportedly lost their job in the transition. Kraken CEO Jesse Powell stated in an official press release:
I’m thrilled to welcome the Crypto Facilities team into the Kraken family. 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.
Likewise, Timo Schlaefer, Crypto Facilities CEO and Founder, stated:
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.
An Industry First
The acquisition is particularly noteworthy in that it makes Kraken the first and only cryptocurrency exchange to afford users the ability to trade both spot and futures.
For those looking for either massive gains at the risk of getting liquidated instantly, the platform offers 50x leverage.
What do you think about Kraken’s nine-figure acquisition of Crypto Facilities? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock.
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