Kraken has made another acquisition with the purchase of Dutch based bitcoin exchange CleverCoin. With this new acquisition, Kraken looks to sink it’s teeth further into the European market.
The San Francisco based company had previously acquired two other exchanges, New York based bitcoin exchange Coinsetter, who also owned Canadian based bitcoin exchange CaVirtex. Today marks the third exchange acquired by Kraken. The terms of the deal was not disclosed by Kraken.
In the announcement, Kraken CEO Jesse Powell said that the plans are to fold the CleverCoin brand 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. Once the transfer is completed, account holders will be directed to www.kraken.com to login, update account information, and can begin trading immediately.
CleverCoin although not a high volume exchange and flew under the radar at times, had funding from Boost VC as part of the accelerator program from Tim and Adam Draper. Since the majority of CleverCoin clients are in European countries, the acquisition is expected to have the greatest impact on Kraken’s euro trading pairs. In a statement as part of the acquisition, CleverCoin co-founder and CTO Karsten Nilsen said,
“Kraken is the ideal custodian for CleverCoin going forwards. They are, by every measure, the largest bitcoin and digital asset exchange in Europe and our core beliefs are perfectly aligned. 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.”
Kraken has seen a good amount of success in the bitcoin market to date. In April, Kraken secured a new round of funding from Money Partners Group. The investment firm is one of Japan’s leading foreign exchange brokerages. Tokyo-based Money Partners Group is listed on the 1st Section of the Tokyo Stock Exchange and holds a current market cap of over ¥29 billion, or over $260 million USD.
Kraken was also just recently named one of the top three bitcoin exchanges in our Spring 2016 Top Rated Bitcoin Exchanges report.