Kraken Targets European Expansion with Pending Acquisition of Dutch Crypto Exchange BCM
Summary:
Kraken, a US-based crypto exchange, intends to acquire Dutch crypto firm Coin Meester B.V. (BCM) as part of their European expansion plan. The move follows the EU's roll-out of the Markets in Crypto-Assets regulatory structure. With virtual asset service provider licenses in Ireland, Italy, and Spain, Kraken aims to leverage the Dutch economy's strength, high crypto adoption, and innovation culture. BCM's Co-founder expects the existing clientele to profit from the post-acquisition innovations. The deal awaits regulatory approval, including from the Dutch Central Bank.
The US-based trading platform, Kraken, has publicly disclosed its intention to take over the Dutch cryptocurrency exchange, Coin Meester B.V. (BCM), as part of its strategy to extend its reach into Europe. Despite withholding information on the financial specifics of the deal, both Kraken and BCM have confirmed the imminent takeover in light of the European Union’s (EU) introduction of the Markets in Crypto-Assets (MiCA) regulatory structure.
Kraken's statement emphasizes their ambition to extend their presence throughout Europe, evidenced by their procurement of virtual asset service provider (VASP) permits to function in Ireland, Italy, and Spain. Kraken CEO, David Ripley, identified the Netherlands' robust economy, prominent cryptocurrency adoption, and innovative spirit as compelling reasons for setting up operations in the nation.
“The purchase of BCM will grant Kraken a significant foothold in the Dutch market and present BCM’s customers with an enriched product selection,” said Ripley. Mitchell Zandwijken, Co-founder and CEO of BCM, echoed similar sentiments, vowing that its existing clientele would greatly profit from Kraken's investment and ensuing innovations following the takeover, referring to Kraken as an experienced front-runner in this sector.
Founded in 2017 under the previous name Bitcoin Meester, BCM offers trade and staking services for cryptocurrency, including more than 170 different digital currencies. The company operates as a registered Dutch cryptocurrency service provider under the supervision of De Nederlandsche Bank.
The forthcoming merger will be subject to required regulatory ratifications, which involve the green light from the Dutch Central Bank. For additional acquisition details, Cointelegraph has reached out to both Kraken and BCM.
Published At
10/5/2023 1:29:23 PM
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