In a press release today, Kraken, a cryptocurrency exchange that is based in San Francisco, confirmed that it has finalised a deal to acquire Crypto Facilities, a trading company in London.
Crypto Facilities started its operations in 2015. It is fully regulated by the Financial Conduct Authority of the United Kingdom, giving Kraken a major foothold in the European market.
The parties did notreveal the exact figure that is involved in the said deal, saying only that it was a “nine-figure deal.”
Kraken said that it was one of the largest deals of the industry to date. Even though the 25-strong team of Crypto will still remain in London, they will all become the employees of Kraken and expand the commitment of the US company to the expansion of its presence in Europe.
The crypto derivatives trader was considered as the first regulated entity globally to list futures on popular coins such as ethereum, ripple, and bitcoin. Crypto will continue to be under the oversight of the Financial Conduct Authority even after the integration.
The chief executive and co-founder of Crypto Facilities, Timo Schlaefer, stated: “It has been our mission to build the most sophisticated, powerful and user-friendly cryptocurrency trading platform.”
He added: “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.”
Previously, Crypto Facilities was backed by Playfair Ventures, an early investor in Stripe.
Jesse Powell, the chief executive of Kraken, stated: “I’m thrilled to welcome the Crypto Facilities team into the Kraken family.”
He stated: “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.”