The US-based cryptocurrency exchange platform Kraken has completed the largest transaction in its history, having entered the world of futures trading with the acquisition of the London Crypto Facilities.
Kraken's Chief Executive Officer Jesse Powell said, "I am delighted to welcome the Crypto Facilities team to the Kraken family. In the coming months, our teams will continue to improve and expand these offerings. We have great things in store for dealers and institutional clients in 2019. "
Kraken reports that it paid nine figures for Crypto Facilities, a company that lists futures on digital assets such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Ripple (XRP). The exchange will also acquire the index business of Crypto Facilities as part of the deal. This makes Kraken one of the first crypto exchanges offering both spot trading and future cryptocurrency trading.
Powell told Bitcoin Magazine The platform can now be emailed to non-US users so they can trade futures through their Kraken account. He added that there is currently no support for US customers.
Kraken Futures: Strong entry into the UK
Crypto Facilities will be renamed Kraken Futures but will continue to operate from the UK. "It will benefit from oversight of Financial Conduct, one of the world's most forward-looking and innovation-driven regulators, and reflect Kraken's commitment to the UK as the leading center for financial and cryptocurrencies in Europe. "
Foreign extension: A practical step for crypto exchange
Kraken is not the only cryptocurrency exchange in the US that has taken steps to increase its reach and expand beyond US borders. In October 2018, Bittrex Crypto Exchange launched a foreign section of its trading platform that allowed them to separate their US users to provide more digital tokens for foreign markets.
Among other things, potential markets offer many opportunities for expansion as the growth of most exchanges has been curbed by the patchwork regulation landscape of the US crypto market.
This article originally appeared in Bitcoin Magazine.
Post source: Kraken expands its expansion with the acquisition of the futures platform
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