Kraken Doubles Down on Crypto Derivatives with New CEO Appointment
Kraken, the crypto exchange, has appointed hedge fund veteran Mark Jennings as the CEO of Crypto Facilities, its UK-based crypto asset derivatives trading facility for institutions. Kraken acquired Crypto Facilities in 2019 and aims to bring institutional derivative venues to its customers. Jennings, who has a background in hedge fund services, joined Kraken in January 2022 and sees the opportunity at Crypto Facilities as a way to bring the company back to its institutional roots.
Key Points:
- Kraken appoints Mark Jennings as CEO of Crypto Facilities
- Crypto Facilities offers regulated access to cryptocurrency futures
- The platform is licensed by the FCA and complies with regulations
- Clients can trade futures for five different cryptocurrencies
- Kraken and Crypto Facilities will operate as separate entities but expect to be more closely associated in the future
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Hot Take: Kraken’s Focus on Institutional Derivatives
Kraken’s appointment of Mark Jennings as CEO of Crypto Facilities highlights the company’s commitment to expanding its institutional derivatives offerings. By bringing in a seasoned hedge fund professional, Kraken aims to cater to the needs of institutional customers and provide regulated access to cryptocurrency futures. This move comes at a time when institutional adoption of cryptocurrencies is increasing, and competitors like Zodia and Arcax are also targeting the institutional market. With the UK’s growing status as a crypto hub, Kraken hopes to increase Crypto Facilities’ visibility and establish it as a unique offering in the market.
