Kraken, one of the leading crypto exchange has just announced that it now owns Crypto Facilities, a British-based, regulated cryptocurrency trading platform and index provider that specialises in derivatives. The merger of the two firms will create a global leader in cryptocurrency spot and futures trading, the official announcement reads.
Kraken also announced that it offered Crypto Facilities a nine figure amount which sealed the deal. With the acquisition of Crypto Facilities, Kraken becomes the first crypto exchange that offers both spot and futures trading in currencies such as Bitcoin (BTC), Ethereum (ETH) and XRP.
Why did Kraken spent such a huge amount to acquire Crypto Facilities? One of the main reason could be that the firm offers both individuals and institutions a transparent, secure, 24/7 trading a range of cryptocurrency derivatives. Crypto Facilities was the first regulated firm that listed futures of Bitcoin, Ethereum, Ripple XRP, Litecoin and Bitcoin Cash. It is also the leading cryptocurrency index provider.
Kraken CEO, Jesse Powell, said that his company is more than excited to welcome the Crypto Facilities team.
“We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019.”
For his part, Crypto Facilities CEO and Founder, Timo Schalaefer, who will stay on his current role said:
“It has been our mission to build the most sophisticated, powerful and user friendly cryptocurrency trading platform. 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.”
Aside from CEO Timo Schalaefer maintaining his current role, Crypto Facilities will also remain operating in London to continue benefitting from the regulatory oversight of the Financial Conduct Authority.