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Kraken Announces Acquisition of Dutch Crypto Broker BCM to Expand European Business

by BlockNews Team
October 5, 2023
in BUSINESS, FEATURED, INVESTING
Reading Time: 3 mins read
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Kraken, a leading cryptocurrency exchange, has unveiled its plans to acquire Coin Meester B.V. (BCM), a renowned Dutch crypto broker. This strategic move highlights Kraken’s commitment to growing its presence in Europe by leveraging its strong financial position and competitive product offerings. In this article, we will delve into the details of the acquisition and its significance for Kraken’s expansion in the European market.

Expanding into Europe: Kraken’s Acquisition of BCM

🚨 BREAKING: US-based @krakenfx exchange announces acquisition of Dutch crypto platform BCM.

This marks Kraken's venture into European expansion.

Kraken has already secured licenses in multiple European nations following the EU's recent regulatory framework release. pic.twitter.com/FFMRGcnO2Z

— BlockNews.com (@blocknewsdotcom) October 5, 2023
Via @blocknewsdotcom – X

Kraken is thrilled to announce its intention to acquire Coin Meester B.V. (BCM), a respected registered crypto broker based in the Netherlands. The acquisition serves as a testament to Kraken’s dedication to expanding its business in Europe, capitalizing on its solid financial standing and highly competitive range of products.

BCM: A Trusted Name in the Dutch Crypto Landscape

Founded in 2017, Coin Meester B.V. (BCM) has established itself as one of the Netherlands’ oldest and most reputable crypto brokers. The company provides a wide range of services, including buying, selling, and staking cryptocurrencies, with access to over 170 digital assets. Furthermore, BCM offers robust local funding rails to facilitate seamless transactions for its clients.

Strengthening Kraken’s Presence in the Netherlands and Beyond

The proposed acquisition of BCM will not only enhance Kraken’s foothold in the Dutch market but also empower BCM’s clients to benefit from Kraken’s extensive product offerings. These include market-leading liquidity, superior security standards, and round-the-clock live client support. Kraken CEO David Ripley noted the importance of the Netherlands as a key market for Kraken’s European expansion plans, highlighting the significant advantages that the acquisition brings to both parties involved.

A Shared Vision: Crypto Accessibility and Innovation

BCM Co-founder and CEO Mitchell Zandwijken expressed their motivation behind founding the company, emphasizing the goal of making cryptocurrency accessible to all. With Kraken’s extensive experience and track record spanning over a decade, BCM sees Kraken as the perfect steward to lead their business forward. The collaboration will allow BCM’s clients to tap into the continuous investment and innovation that Kraken brings to the crypto industry.

Embracing European Regulations and Growth Opportunities

Kraken’s decision to accelerate its European growth plans aligns with the establishment of the European Commission’s Markets in Crypto Assets (MiCA) regulatory framework. This framework instills confidence among industry players to invest in the region and grants consumers access to more competitive products and services. Kraken is committed to compliance with European regulations and is actively pursuing registrations in various European markets in addition to its existing VASP licenses in Ireland, Italy, and Spain.

Kraken’s acquisition of Dutch crypto broker BCM marks a significant milestone in its European expansion strategy. By joining forces, Kraken aims to strengthen its presence in the Netherlands while providing BCM’s clients with a broader range of product offerings. With an unwavering commitment to compliance and innovation, Kraken proves its dedication to positioning itself as a leading player in the ever-evolving cryptocurrency market.

Tags: BCMCrypto ExchangeKraken
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