Kraken, a global Bitcoin exchange in euro volume and liquidity, has acquired cryptocurrency trading platform and index provider, Crypto Facilities, in a nine-figure deal. The acquisition aims to create a global leader in cryptocurrency spot and futures trading.
Crypto Facilities, which will remain London-based post-merger, offers 24/7 trading on a range of cryptocurrency derivatives and was the first regulated entity to list futures on Bitcoin, Ethereum, Ripple XRP, Litecoin and Bitcoin Cash. Using the company’s cryptocurrency index provider, Crypto Facilities will give Kraken the ability to calculate the CME CF Bitcoin Reference Rate that powers the CME Group’s Bitcoin futures.
This is Kraken’s largest deal to date and will provide select customers with access to futures on six cryptocurrency pairs. Currently, Kraken’s 4m customers are provided with trading services in 20 digital assets and more than 70 currency pairs.
“I’m thrilled to welcome the Crypto Facilities team into the Kraken family,” said Kraken CEO Jesse Powell. “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.”
“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,” said Timo Schlaefer, Crypto Facilities CEO and founder.