In a highly significant move in the crypto space, Kraken, one of the world’s largest and oldest crypto exchanges has announced that they have acquired Crypto Facilities for an astonishing, but unconfirmed, $100 million. This is among the first acquisitions in the space to involve a futures trading startup.
Kraken announced its purchase of Crypto Facilities in a press release, saying the intent was to become a “global leader in cryptocurrency spot and futures trading.” And that the acquisition “reinforces Kraken’s commitment to meeting client demand for innovative products and services that complement its core spot exchange and white-glove OTC service”.
“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,” said Jesse Powell, Kraken CEO. “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”.
Kraken Trade Spot Prices and Futures
Crypto Facilities, a regulated trading platform and index provider based in London, provides individuals and institutions twenty-four-hour trading for crypto derivatives, with up to 50x leverage. With the new acquisition, users on Kraken will be able to trade spot prices and bet on the future prices of the listed cryptocurrencies, making it a “highly efficient way to trade and hedge cryptocurrency.” Kraken now offers futures trading for Bitcoin, BitcoinCash, XRP, Litecoin and ET trading pairs.
“It has been our mission to build the most sophisticated, powerful and user-friendly cryptocurrency trading platform”, said Timo Schlaefer, CEO and founder of Crypto Facilities. “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”.
This deal is reportedly Kraken’s largest acquisition to date, and probably ranks as one of the largest the industry has seen.
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