Bitcoin Europe EU Kraken, the largest cryptocurrency exchange in Europe, has acquired Dutch Bitcoin exchange CleverCoin, further consolidating its dominance in the region, and also anticipating increased demand amid Brexit-induced uncertainty.
It is the third digital currency exchange Kraken has swallowed this year; less than six months ago it acquired both Coinsetter and Cavirtex.
The addition of CleverCoin cements Kraken’s position as the undisputed leading exchange in Europe with the arrival of thousands of new clients, said a statement. Terms of the deal were not announced. San Francisco-based Kraken was founded back in 2011 and was the first Bitcoin exchange to have its market data displayed on the Bloomberg Terminal.
Kraken CEO Jesse Powell said he plans to fold the CleverCoin brand into Kraken’s global umbrella while providing existing clients with seamless access to Kraken’s suite of features. CleverCoin clients will be automatically transferred to Kraken’s platform on June 29, 2016. Once the transfer is completed, account holders will be directed to Kraken’s website to login , update account information, and can begin trading immediately.
Powell said in a statement: "In record time, the digital currency industry has matured. Our M&A plans have been accelerated by encouraging news throughout the industry. Prices are rising, the regulatory picture is rapidly clarifying, and clients from around the globe are joining us in record numbers. The acquisition of CleverCoin will empower Kraken with greater liquidity and a significantly expanded customer base in Europe, our flagship market."
Since the majority of CleverCoin clients are in European countries, the acquisition is expected to have the greatest impact on Kraken’s euro trading pairs. Average weekly volume in these pairs has already been growing at a rapid rate since the third week of April, with an over 4x increase in the bitcoin-euro (XBT/EUR) and ether-euro (ETH/EUR) pairs. The ether-bitcoin pair (ETH/XBT) […]
