SAN FRANCISCO--(BUSINESS WIRE)--Kraken, one of the world’s longest-standing and most secure crypto platforms, today announced an agreement to acquire Coin Meester B.V. (BCM) in the Netherlands. The deal highlights Kraken’s commitment to growing its business in Europe by leveraging its strong financial position and highly competitive product offering.
Founded in 2017, BCM is one of the Netherlands oldest and most respected registered crypto brokers. The company provides services to buy, sell and stake crypto, including access to over 170 cryptocurrencies and strong local funding rails.
The proposed acquisition will enable Kraken to strengthen its presence in the Netherlands and allow BCM’s clients to benefit from Kraken’s extensive product offering, market-leading liquidity, superior security standards and 24/7/365 live client support.
“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,” said Kraken CEO David Ripley. “The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.”
BCM Co-founder and CEO Mitchell Zandwijken said, “We founded BCM because we wanted to make crypto accessible to everyone. 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. Our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation.”
Kraken’s decision to accelerate European growth plans follows the European Commission’s establishment of Markets in Crypto-Assets (MiCA) regulatory framework, which allows industry players to confidently invest in the region and provide consumers access to more competitive products and services. Kraken is committed to growing its business in compliance with European regulations; in addition to its VASP registrations in Ireland, Italy and Spain, Kraken is actively pursuing registrations in other European markets.
“The European market for crypto services is highly fragmented and we see significant opportunity for consolidation to strengthen our position in the region,” Ripley said. “We'll continue to invest in the expansion of our European business and are well positioned to capitalize on the opportunity for further growth in the years ahead. We have a very compelling value proposition and look forward to serving even more clients across Europe.”
In recent years, Kraken has strengthened its core exchange offering and expanded its product suite to empower people to benefit from the opportunities offered by decentralized blockchain technology. In line with its strategy to become the bridge to the most exciting areas of crypto, Kraken recently launched its NFT marketplace, a new Kraken Pro trading interface and a new consumer web experience.
Completion of the proposed acquisition is subject to customary closing conditions, including obtaining the required regulatory approvals. Financial details of the transaction weren’t disclosed.
Kraken is one of the world’s longest-standing and most secure crypto platforms. Our mission is to accelerate the global adoption of crypto, so that everyone can achieve financial freedom and inclusion. Globally, Kraken clients trade more than 200 digital assets and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD.
Founded in 2011, Kraken was among the first to offer spot trading, parachain auctions, staking, regulated derivatives and index services under one roof. Trusted by over 10 million individuals, traders and institutions around the world, Kraken offers professional 24/7/365 client support along with one of the fastest, most performant trading platforms available. Kraken has set the industry standard for transparency and client trust, and was the first crypto platform to conduct Proof of Reserves audits. In 2023, Kraken ranked 16th in Newsweek's Global Top 100 list of Most Loved Workplaces, recognizing how the platform offers one of the world's most compelling employment opportunities.
For more information about Kraken, please visit www.kraken.com.