NEWS
NEWS
NEWS
Kraken has acquired Dutch Bitcoin exchange CleverCoin
San Francisco-based Bitcoin exchange Kraken (Payward, Inc.) has acquired Dutch Bitcoin exchange CleverCoin B.V.
The price of the acquisition was not disclosed.
Founded in 2013, CleverCoin aimed to help fintech companies in Europe by providing Bitcoin services via a platform “that makes trading Bitcoins accessible for everyone.”
The company provides payment options through SEPA, credit card, Sofort, Giropay, Bancontact and iDEAL, is fully registered under Dutch law, and offers a platform that is equipped with multiple security layers that are constantly monitored for fraud or other nefarious activities.
Under the deal the CleverCoin brand will be folded into Kraken’s global umbrella while providing existing clients with seamless access to Kraken’s suite of features; CleverCoin clients will be automatically transferred to Kraken’s platform on June 29, 2016.
“Kraken is the ideal custodian for CleverCoin going forward. They are, by every measure, the largest Bitcoin and digital asset exchange in Europe and our core beliefs are perfectly aligned,” CleverCoin Chief Technology Officer and Co-Founder Karsten Nilsen said in a statement. “As of today, CleverCoin clients will have seamless access to all the features and benefits of Kraken’s global brand, including the ability to trade many of the most popular currency pairs, the latest technology, the most advanced security, and faster Single Euro Payments Area (SEPA) transfers.”
Release the Kraken
Kraken’s acquisition of CleverCoin follows a number of acquisitions for the company, including Coinsetter and Cavirtex, followed by Series B investments from Money Partners Group and SBI Investment.
The new acquisition will see Kraken increase its business in Europe significantly with Euro trading pairs.
Average weekly volume in these pairs has already been growing at what the company describes as a rapid rate since the third week of April, with an over 4 times increase in the Bitcoin-Euro (XBT/EUR) and Ether-Euro (ETH/EUR) pairs. The Ether-Bitcoin pair (ETH/XBT) has seen a 9 times increase ove the same time period.
“In record time, the digital currency industry has matured. Our M&A plans have been accelerated by encouraging news throughout the industry,” Kraken Chief Executive Officer Jesse Powell added. “Prices are rising, the regulatory picture is rapidly clarifying, and clients from around the globe are joining us in record numbers. The acquisition of CleverCoin will empower Kraken with greater liquidity and a significantly expanded customer base in Europe, our flagship market.”
It’s not clear how much CleverCoin raised prior to acquisition, but it did receive support as a graduate of Boost VC, the startup accelerator backed by Tim and Adam Draper.
Image credit: Wikimedia Commons/Public Domain.
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