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- 1 Kraken is planning to buy Coin Meester B.V. (BCM), a Dutch crypto broker.
- 2 The platform said in a press release on October 5, that the purchase would give them a Sizable position in the Dutch market.
Kraken is planning to acquire BCM which supports 170 digital assets. By taking possession of BCM, Kraken will demonstrate its commitment to expand across Europe. The exchange plans to increase the user base by expanding the product line, improving security, and also by increasing the liquidity.
The crypto platform to strengthen its presence in the Netherlands, is considered as the main market for expansion in Europe. This will facilitate BCM clients from Kraken’s extensive product offering, client support, and superior security standards.
What is Kraken’s Aim?
Kraken was founded in 2011; it offers customer support 24/7. The trading platform has set the standards for transparency and client trust.
The exchange said that they are encouraged by the European Commission’s introduction of the Market in Crypto-Assets (MiCA) regulatory framework. MiCA seeks to bring extensive crypto regulation to the European Union (EU). These rules are to regulate several crypto assets which include fungible assets like Ethereum (ETH) or Bitcoin (BTC) and non-fungible tokens (NFTs).
The European Union has asserted that MiCA’s main objective is to protect the consumer and investors by reducing the risk linked with the crypto business and MiCA is aimed to “level the playing field” promoting innovation. MiCA was effective June 1, 2023 onwards. Its full implementation will be in 2024.
Due to these developments, crypto exchanges are closely following the MiCA’s implementation. The Europe Central Bank of Ireland has already provided Kraken the Electronic Money Institution licence and also the virtual asset service provider (VASP) registration from the Bank of Spain.
BCM Co-founder and CEO Mitchell Zandwijken said, “We founded BCM because we wanted to make crypto accessible to everyone.” He also praised Kraken that the exchange has a good track record and is perfect for business going forward. He emphasized that their clients will benefit from Kraken’s investments and innovation in crypto.
Recently, Kraken has been building and expanding its product suite to empower people to benefit from the opportunities offered by decentralized blockchain technology. The exchange also launched its NFT marketplace, a new Kraken Pro trading interface, and a new consumer web experience.
Summary
The crypto platform Kraken is aiming to enhance European businesses by enlarging its presence in the Netherlands. The growth of the platform follows the European Commission’s establishment of the Markets in Crypto Assets(MiCA) regulatory framework. This will facilitate the consumers to invest in the region and will provide them with access to more competitive products and services.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
