Cryptocurrency
Kraken Acquires Futures Startup In Deal Worth At Least $100 Million via @coindesk
As reported by CoinDesk, “Cryptocurrency exchange services provider Kraken has officially acquired regulated futures trading startup Crypto Facilities in an undisclosed deal valued at least $100 million. “Announced Monday, the ‘nine-figure’ acquisition, the largest seen in the industry so far in 2019, will enable Kraken customers to trade spot, as well as open positions offering exposure to […]
As reported by CoinDesk, “Cryptocurrency exchange services provider Kraken has officially acquired regulated futures trading startup Crypto Facilities in an undisclosed deal valued at least $100 million.
“Announced Monday, the ‘nine-figure’ acquisition, the largest seen in the industry so far in 2019, will enable Kraken customers to trade spot, as well as open positions offering exposure to the future price movements of cryptocurrencies, all through a unified trading interface.
“As such, Kraken CEO Jesse Powell framed the merger as one that would ‘massively accelerate’ his company’s roadmap, enabling the San Francisco-based startup to sidestep years of efforts to obtain the licenses and approvals necessary to offer a competing service in Europe.
“Founded in 2014, Crypto Facilities is registered with the U.K. Financial Conduct Authority (FCA), and the deal was approved by the regulator, the parties involved said.
“In addition to offering cash-settled futures trading for bitcoin, bitcoin cash, XRP, litecoin and ether trading pairs, Crypto Facilities notably provides data to the CME CF Bitcoin Reference Rate, an index created in collaboration with CME Group and that powers that entity’s U.S. futures offering, a relationship that will continue following the acquisition.”