SBI and Kraken Announce Multi-Million Dollar Deal
Just after its big merger with North American Bitcoin exchanges, Coinsetter and Cavirtex, Kraken has announced a multi-million dollar deal with the leading Japanese firm SBI Investment. The $2 billion dollar venture capital conglomerate will lead Kraken’s series B investment round.
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Kraken’s Multi-Million Dollar Deal with SBI
Today the global Bitcoin exchange Kraken has joined forces with SBI Investment with an undisclosed deal. This is a new “milestone,” Kraken says, as it has just acquired more leverage with its North American acquisition. The partnership with SBI is meant to increase its global services worldwide and the Kraken brand. SBI Investment has generated revenues of ¥245 billion in 2015 or $2 billion USD with its services. As one of the leading Japanese Internet-based financial institutions, the company is pleased to invest in the Kraken exchange. SBI Holdings CEO Yoshitaka Kitao says:
“We knew that we wanted to invest in Bitcoin and the blockchain. We wanted a company that would be a wise strategic investment. Kraken has been a leading global bitcoin exchange for years. They have grown tremendously during that time while building a strong reputation as one of the most innovative, secure, compliant, and reliable companies in this emerging financial services area. Kraken was the clear choice.”
Kraken has continued to build its infrastructure since its inception in 2011. It’s received over $6.5 million USD from investors over two rounds of capital funding. According to Kraken their mission ”combines years of experience in the virtual goods and currency markets with a highly skilled engineering team and a host of carefully cultivated banking and finance relationships.” In 2014, the courts in Tokyo appointed Kraken as a trustee to assist Mt. Gox creditors and has helped with disbursement. The collaboration with SBI Investment means a lot to Kraken as they continue servicing the public with their exchange operations. Kraken CEO Jesse Powell said:
“SBI’s investment means a lot to us. We’re proud to have such a strong strategic partner leading our round. It’s a fantastic first step toward completing Series B, which will ultimately enable us to scale our business worldwide. Kraken will be prepared to meet the fast-increasing demands of an emerging ecosystem of blockchain-enabled assets.”
The global exchange says it will continue to make the upcoming months the “year of the Kraken,” with its business advancements in the industry. It’s proud to serve the crypto-community as it has enabled traders to “have made over $1.4 billion in transactions on the platform while trading bitcoin and other digital assets for euros, US dollars, Japanese yen, British pounds, and Canadian dollars.” The company feels its partnership with SBI is the next step in building the Kraken infrastructure and continue its performance worldwide as a trusted exchange.
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