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Kraken: Bitcoin [BTC], Ethereum [ETH] and XRP futures will be the next big addition for customers

Priya

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Kraken: Bitcoin [BTC], Ethereum [ETH] and XRP futures will be the next big addition for customers
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Kraken, the world’s largest Bitcoin exchange in euro volume and liquidity, has announced the acquisition of a London-based cryptocurrency exchange, costing the firm in nine digits for the trading firm, according to an official announcement on their website. The cryptocurrency exchange in the spotlight here was identified to be Crypto Facilities, a London-based exchange that focuses on derivatives trading and is also an index provider.

To add on, Crypto Facilities is regulated by UK’s Financial Conduct Authority [FCA] and will continue to be under the FCAs surveillance. It is also the first regulated platforms to list Bitcoin [BTC], Ethereum [ETH], XRP, Litecoin [LTC] and Bitcoin Cash futures.

Timo Schlaefer, CEO of Crypto Facilities, 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.”

Through this acquisition, Kraken will now be able to implement spot and futures market for currencies such as Bitcoin, Ethereum and XRP. This market for the top cryptocurrencies will soon be open to all eligible customers of Kraken as the company has completed integrating back-end operations for Crypto Facilities, according to reports by Forbes. However, the futures market will remain closed for its US customers.

Jesse Powell, CEO of Kraken said:

“I’m trilled to welcome the Crypto Facilities team into the Kraken family. 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.”

davinci7777, a Redditor said::

“If more liquidity flows into the paper copy (a.k.a derivative) of the spot asset, that is demand chasing the fiat copy and not pushing up the real asset. Kraken is thus essentially becoming another on ramp for the fiat copy, making it easier for capital to flow away from underlying real tokens.”

Notably, this is considered to be the largest acquisition in the space till date, even though the team has not revealed the exact amount invested in the acquisition. On the other hand, this is not the first firm the Bitcoin exchange has acquired. Previously, Kraken was in the limelight was acquiring Coinsetter, Cavirtex, and CleverCoin, all three are noted to be leading Bitcoin exchanges in the space. Apart from this, Kraken acquired a wallet funding service, Glidera, and Cryptowatch, a trading and portfolio tracking platform.



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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