Kraken acquires UK trading platform Crypto Facilities
Digital asset exchange Kraken has acquired London-based cryptocurrency trading platform and index provider Crypto Facilities in a “nine-figure deal”.
Exact financial details were not disclosed
Exact financial details were not disclosed. But San Francisco-based Kraken did tell Fortune in an interview that it is on the cusp of completing a $100 million funding round financed by its larger customers.
According to Kraken, this acquisition – its largest to date – means it’s now the “global leader in cryptocurrency spot and futures trading”.
Kraken CEO Jesse Powell says: “Over the coming months, our teams will continue to enhance and expand these [futures and index products] offerings. We’ve got great stuff in store for traders and institutional clients in 2019.”
Crypto Facilities offers individuals and institutions trading on a range of cryptocurrency derivatives. It was the first regulated entity to list futures on Bitcoin, Ethereum, Ripple XRP, Litecoin and Bitcoin Cash.
Eligible Kraken clients will get access to futures on six cryptocurrency pairs, to offer a way to trade and hedge cryptocurrency in any market environment.
Kraken says it has four million clients in over 190 countries. It offers trading in 20 digital assets and 70+ currency pairs.
Crypto Facilities will remain in London and under the regulatory oversight of the Financial Conduct Authority (FCA).
Kraken’s previous acquisitions include Bitcoin exchanges Coinsetter, Cavirtex and CleverCoin; the wallet funding service Glidera; and the multi-exchange charting, trading and portfolio tracking platform Cryptowatch.
In 2018, Kraken processed nearly $90 billion in volume while its “white-glove” OTC desk handled over $2 billion in trades.
Kraken is backed by investors including Hummingbird Ventures, Blockchain Capital and Digital Currency Group.
