Kraken expands business with acquisition of Crypto Facilities

Posted 05 February, 2019

US crypto exchange Kraken has reportedly acquired regulated crypto futures startup Crypto Facilities. The transaction value is rumoured to be about $100 million.

According to the released report, this acquisition is likely to help Kraken make crypto futures available to its customers.

"I’m thrilled to welcome the Crypto Facilities team into the Kraken family," said Kraken CEO Jesse Powell in the official press release.

He believes the merger with Kraken will not only boost their competitive positions but also save them a lot of time that otherwise should be spent on obtaining the licenses and permits necessary to provide such services in Europe. Jesse Powell also stated that their team targets the most liquid platform in the world.

Crypto Facilities is a regulated futures trading platform. The company entered the market back in 2014 and is registered with the UK Financial Conduct Authority (FCA). Apart from supporting Bitcoin, Bitcoin Cash, XRP, Litecoin and Ethereum futures, the company is the major provider of the CME CF Bitcoin Reference Rate, which underlies the Chicago Mercantile Exchange (CME)'s bitcoin futures.

"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," Crypto Facilities CEO and Founder Timo Schlaefer said.

It is worth mentioning that the deal is considered as the largest acquisition made by Kraken by now and one of the largest purchases in the industry at all. Earlier, the company are acquired such projects as Coinsetter, Cavirtex, CleverCoin, Glidera and Cryptowatch.

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05 February, 2019 12:04

← New crypto rules come into force in Venezuela

Venezuela has reportedly launched new regulation for the local crypto industry, including such service providers as exchanges and cryptocurrency miners. The new rules were approved by the authorities and became effective in January. The new rules called the "Constituent Decree on the Integral System of Crypto Assets" appeared in an official gazette published by the Ministry of Popular Power for Communication and Information last week. All companies that are connected with cryptocurrencies have to work within a new legal framework which requires the registration with Venezuela's superintendency of crypto-related activities called Sunacrip

New crypto rules come into force in Venezuela

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04 February, 2019 16:56

Paraguay to host JV mining operations of Bitfury and Commons Foundation →

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Paraguay to host JV mining operations of Bitfury and Commons Foundation
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