Kraken Acquires Dutch Exchange BCM
Kraken announces European expansion with pending acquisition of Netherlands-based cryptocurrency exchange, Coin Meester.
Kraken, a cryptocurrency exchange headquartered in the United States, has unveiled its plans for European expansion with a pending agreement to acquire Coin Meester B.V. (BCM), a cryptocurrency exchange based in the Netherlands. BCM, with its six-year track record, stands as one of the Netherlands' most established exchanges.
Although the specific financial terms of the transaction have not been made public, both Kraken and BCM have confirmed their intention for the acquisition, which coincided with the European Union's introduction of the Markets in Crypto-Assets (MiCA) regulatory framework. Kraken's statement emphasizes its strategic goal to expand its presence in Europe, where it has secured virtual asset service provider (VASP) licenses for operations in Ireland, Italy, and Spain.
David Ripley, Kraken's CEO, emphasized the significance of the Netherlands in their European strategy. He stated:
"The Netherlands has one of the world's most advanced economies, with a well-established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans."
Mitchell Zandwijken, the co-founder and CEO of BCM, expressed that their current roster of clients will experience positive outcomes stemming from Kraken's forthcoming investment and the innovative advancements resulting from the acquisition.
"Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward."
Recent data from the World Economic Forum indicates that the Netherlands ranks 6th among 50 European nations concerning the proportion of its populace investing in cryptocurrencies.
BCM, previously known as Bitcoin Meester, was founded in 2017 and provides cryptocurrency trading and staking solutions, granting access to a diverse range of over 170 cryptocurrencies. The firm is officially registered as a Dutch cryptocurrency service provider under the oversight of De Nederlandsche Bank, the central bank of the Netherlands.
It's important to note that both organizations acknowledge that the acquisition is contingent upon regulatory approval, which encompasses clearance from the Dutch central bank.