Digital asset exchange operator Kraken has acquired institutional accounting, reconciliation and reporting services provider, Interchange.
Interchange offers accounting and portfolio reconciliation tools to institutional investors, such as crypto hedge funds, asset managers and fund administrators, to help monitor and report their cryptocurrency holdings.
Kraken said in a statement that the acquisition of Interchange will create “the world’s first” end-to-end crypto trading and reconciliation platform. The addition of Interchange will also enable its multi-exchange trading tracking platform, Cryptowatch, to offer a vast set of products including real-time data, charting, multi-exchange trade execution, research, as well as accounting and reconciliation.
“I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken,” said Jesse Powell, Kraken CEO. “What’s great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer.”
Interchange was founded Dan Held, former director of product for crypto wallet provider Blockchain and co-founder of crypto market data firm ZeroBlock, and Clark Moody, founder of bitcoin trading platform provider RTBTC. ZeroBlock and RTBTC were both acquired by Blockchain.
“With Interchange, we set out to build best-in-class tools for institutional traders,” Held commented. “Becoming part of the Kraken family will enable us to improve our core portfolio reconciliation product, while creating new possibilities for our clients who will now have easy access to Kraken’s cutting-edge suite of products.”
According to Interchange, it has 60 institutional fund administrator and hedge fund clients, including major crypto fund administrator MG Stover.
“Interchange is a leading crypto asset management solution and we have always relied on it to simplify accounting in the decentralised, fragmented crypto asset landscape,” MG Stover’s CEO, Matt Stover, also commented.