Digital asset exchange operator Kraken is to acquire London-based crypto derivatives trading platform and index provider Crypto Facilitiesin a deal valued at around $100 million.
Kraken said in a statement that the merger with Crypto Facilities will create a global leader in cryptocurrency spot and futures trading, while meeting client demand for such services in the crypto derivatives market.
“We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019,” Jesse Powell, CEO of Kraken, commented.
Crypto Facilities offers institutional investors trading on various cryptocurrency derivatives and was the first regulated firm to list futures on Bitcoin, Ethereum, Ripple XRP, Litecoin and Bitcoin Cash. The company will remain London-based post-acquisition and will be regulated by the Financial Conduct Authority.
“It has been our mission to build the most sophisticated, powerful and user-friendly cryptocurrency trading platform. Teaming up with Kraken allows us to innovate the next generation of products and tremendously boosts the value we are able to provide to our clients,” Timo Schlaefer, CEO and founder of Crypto Facilities, said.
Kraken has previously acquired several major Bitcoin exchanges including Coinsetter, Cavirtex and CleverCoin, as well as wallet funding provider Glidera and multi-exchange trading tracking platform Cryptowatch, but its acquisition of Crypto Facilities is its largest deal to date.