US Exchange Kraken to Acquire Dutch Crypto Exchange Coin Meester for European Expansion
Kraken, a US-based cryptocurrency exchange, has announced its plans to acquire Coin Meester B.V. (BCM), a Netherlands-based cryptocurrency exchange, as part of its expansion strategy in Europe. The financial terms of the deal have not been disclosed. The decision to acquire BCM comes after the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.
Kraken has already obtained virtual asset service provider (VASP) licenses to operate in Ireland, Italy, and Spain. CEO David Ripley stated that the acquisition will provide Kraken with a significant presence in the Dutch market and allow BCM’s clients to access a wider range of products.
Benefits for Both Companies
BCM’s co-founder and CEO, Mitchell Zandwijken, expressed optimism about the acquisition, noting that Kraken’s investment and innovations will benefit their existing client base. BCM, formerly known as Bitcoin Meester, was established in 2017 and offers cryptocurrency trading and staking services with access to over 170 cryptocurrencies.
Regulatory Approval Required
The acquisition is subject to regulatory approval, including clearance from the Dutch central bank. Both companies acknowledge this requirement and are awaiting the necessary approvals before finalizing the deal.
Hot Take: Kraken Expands into Europe with Acquisition of Coin Meester
Kraken’s move to acquire Coin Meester demonstrates its commitment to expanding its presence in Europe’s cryptocurrency market. With the implementation of MiCA regulations in the European Union, Kraken aims to establish itself as a leading player in the region. This strategic acquisition will not only strengthen Kraken’s position but also provide BCM’s clients with access to a wider range of products and innovations. As the regulatory landscape evolves, Kraken’s expansion into new markets signals its ambition to be at the forefront of the global crypto industry.
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