US-based Kraken exchange plans to make crypto portfolio management more effective for institutional clients via the acquisition of the Interchange project.
Kraken management believes that the exchange will become the first one in the world that offers all required instruments for trading and financial reporting.
Interchange was founded by ex-director of blockchain Dan Held and founder of RTBC Clark Moody. The project helps crypto hedge funds, asset managers and other large traders and investors keep accounting records for all transactions they performed.
“I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken...What’s great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer,” said in the press release Jesse Powell, Kraken CEO.
Notably, both founders of the project will become members of Kraken's top team.
According to the available information, Interchange has over 60 institutional clients and hedge funds while merging with Kraken.
Dan Held commented:
"Becoming part of the Kraken family will enable us to improve our core portfolio reconciliation product, while creating new possibilities for our clients..."
With Interchange, Kraken actually continued its series of acquisitions were. In particular, the exchange bought Crypto Facilities that offer crypto derivatives trading in early 2019. As a result, trading volume soared by 500% just over a month. In early 2017, Kraken purchased Cryptowatch project to monitor crypto prices and market situation. Meanwhile, Cryptofinance(dot)ai project was acquired this summer. The latter collects market and blockchain data in Google-sheets.