Kraken has announced an agreement to purchase Coin Meester B.V. (BCM), a cryptocurrency exchange based in the Netherlands.
Kraken and BCM announced the impending acquisition after the European Union implemented its Markets in Crypto-Assets (MiCA) legal framework, while financial specifics of the deal have yet to be made public.
With acquiring virtual asset service provider (VASP) licenses to operate in Ireland, Italy, and Spain, Kraken’s announcement underscores its aspirations to expand its business across Europe.
According to a statement from Kraken CEO David Ripley, the Netherlands’ robust economy, high use of cryptocurrencies, and innovative culture are key factors in the company’s decision to locate there.
“The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.”
The investments made by Kraken and the developments anticipated as a result of the acquisition, according to BCM co-founder and CEO Mitchell Zandwijken, will benefit the company’s current clientele. The company said:
“Kraken is the pioneer in this field with a record spanning well over a decade, making it the perfect steward of our business going forward.”
BCM, which just changed its name from Bitcoin Meester, was founded in 2017 and provides access to over 170 cryptocurrencies and services for trading and staking them.
The business is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the nation’s central bank. Both businesses state that the transaction is pending regulatory approval, which includes the Dutch central bank’s permission.
