Kraken set to acquire Dutch exchange BCM, eyes European expansion

United States-based speech Kraken has announced a pending woody to get Netherlands-based cryptocurrency speech Coin Meester B.V. (BCM) arsenic it sets its sights connected European expansion.

While the fiscal details of the woody person not been disclosed, Kraken and BCM announced the looming acquisition disconnected the backmost of the European Union’s (EU) constitution of its Markets successful Crypto-Assets (MiCA) regulatory framework.

The announcement from Kraken highlights its plans to turn its concern crossed Europe, having acquired virtual plus work supplier (VASP) licenses to run successful Ireland, Italy and Spain.

A connection from Kraken CEO David Ripley highlighted the spot of the Netherlands economy, the precocious level of cryptocurrency adoption, arsenic good arsenic a civilization of innovation arsenic a driving crushed for looking to found a basal of operations successful the country.

“The acquisition of BCM volition springiness Kraken a sizable presumption successful the Dutch marketplace and volition let BCM’s clients to payment from an adjacent much robust merchandise offering.”

BCM Co-founder and CEO Mitchell Zandwijken said that its existing lawsuit basal would payment from Kraken’s concern and innovations that are acceptable to travel from the acquisition.

“Kraken is the pioneer successful this tract with a way grounds spanning good implicit a decade, making it the cleanable steward of our concern going forward.”

BCM, which precocious rebranded from Bitcoin Meester, was established successful 2017 and offers cryptocurrency trading and staking services which includes entree to implicit 170 cryptocurrencies.

The institution is registered arsenic a Dutch cryptocurrency work supplier with De Nederlandsche Bank. Both companies note that the woody is taxable to regulatory approvals which volition see clearance from the Dutch Central Bank.

Cointelegraph has reached retired to Kraken and BCM to ascertain finer details of the acquisition.

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