Kraken Targets APAC Region By Acquiring Bit Trade Exchange

The renowned US-based cryptocurrency exchange, Kraken has made yet another acquisition deal with the Australia’s renowned crypto exchange ‘Bit Trade’ in this New-Year.

This exchange has also acquired Circle’s OTC (over-the-counter) desk in the recent past. Kraken has clarified about that the company has acquired “one of the most recognized OTC desks in crypto-segment.”

In addition, Kraken futures trading, the platform that is generated earlier this year on acquiring Cryptofacilities. As part of this objective, Kraken Pro was announced to deliver all the security and features one loves about the Kraken Exchange, now in a beautiful, mobile-first design for advanced crypto trading on the go.

For now, the Kraken has announced that it acquired Australia-based Bit Trade, which happens to be the longest-running crypto service provider in the country.

Kraken had reckoned the expansion plans earlier as well for more global presence as they beam up with optimism that the acquisition has the potential to provide ease of liquidity, exposures with the global trading partners, and specialized trading tools.

With this latest acquisition deal, Kraken is most likely to target on featuring themselves as the premier crypto service in Australia with the best AUD liquidity, trading experience, and support for both institutional and retail clients. It also strengthens our overall presence in the APAC region, and further bolsters our industry-leading OTC trading operations.

As part of the acquisition, Kraken appears to be pleased to welcome the entire Bit Trade team, led by Jonathon Miller, who is going to become MD of Kraken Australia, one of the largest OTC desks in Australia, where clients can trade in large volumes without moving markets.

The co-founders of Circle, Jeremy Allaire and Sean Neville have also admired about the sale of the Circle Trade OTC business to Kraken, commenting: “We have known and admired Jesse and his team at Kraken for many years, and we have every confidence and expectation that Circle Trade customers and partners will continue to find best-in-class OTC liquidity service and responsiveness through Kraken going forward. Circle Trade represents an enormous success for the industry as well as for Circle, and we’re excited to see Kraken grow it further.”

  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.