Kraken has made a new strategic move to further strengthen its position in Europe. The well-known crypto exchange announced today the acquisition of Bitcoin Meester (BCM), one of the oldest registered crypto brokers in the Netherlands.
What does the acquisition of BCM mean?
With the acquisition of Bitcoin Meester, Kraken expands its operations in the Netherlands and acquires a virtual asset service provider (VASP) license, allowing it to operate in France and Poland. This allows Kraken to offer its services in accordance with local regulations, significantly increasing the reliability and accessibility of the platform for European users.
According to Brian Grahan, Director of Europe at Kraken, the acquisition of BCM is a significant milestone in the company’s European growth strategy.
“The completion of the BCM acquisition is a milestone in our European growth strategy. It enables us to significantly grow our market share in the coming years by leveraging our existing European operations and our leading position in Euro volume and liquidity.”
In the official statement, Grahan emphasizes Kraken’s unique position in the European market:
“In Europe, we are one of the few that combine global scale with a compliant offering and an excellent user experience (UX). We enable our customers to unlock the full potential of crypto with premium products and services.”
Strategic Timing of Kraken
The timing of this acquisition is no coincidence. On December 30th, the Markets in Crypto-Assets (MiCA) legislation will come into effect, the first comprehensive regulation for the crypto sector in Europe. These new rules will fundamentally change the crypto market in Europe, and Kraken seems well-positioned to operate as a leading, regulated player in the European market with the acquisition of BCM.
Over the past few years, Kraken has been working hard to improve and expand its offering. This is in line with the company’s strategy to help customers unlock the full potential of crypto. With the acquisition of BCM, Kraken looks set to compete with established players such as the Dutch Bitvavo.
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Source: https://newsbit.nl/kraken-betreedt-nederlandse-markt-met-overname-van-bitcoin-meester/
