Kraken, a United States-based cryptocurrency exchange, has announced its plans to acquire Netherlands-based exchange Coin Meester B.V. (BCM) as part of its strategy to expand into the European market. The acquisition comes in the wake of the European Union’s implementation of its regulatory framework for crypto-assets, known as Markets in Crypto-Assets (MiCA).
While the financial details of the deal have not been disclosed, both Kraken and BCM have confirmed the impending acquisition. Kraken has already obtained virtual asset service provider (VASP) licenses to operate in several European countries, including Ireland, Italy, and Spain. This acquisition is seen as a significant step in Kraken’s ambition to establish a strong presence across Europe.
Kraken CEO David Ripley emphasized the attractiveness of the Dutch market, citing the strength of the Netherlands economy, widespread cryptocurrency adoption, and a culture of innovation. Ripley stated, “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.”
BCM, formerly known as Bitcoin Meester, was established in 2017 and is registered with De Nederlandsche Bank, the central bank of the Netherlands, as a cryptocurrency service provider. The company provides cryptocurrency trading and staking services, offering access to over 170 cryptocurrencies.
BCM’s co-founder and CEO, Mitchell Zandwijken, expressed optimism about the acquisition, noting that Kraken’s investment and innovative capabilities would greatly benefit their existing client base. Zandwijken stated, “Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward.”
Both Kraken and BCM mention that the deal is subject to regulatory approval, including clearance from the Dutch central bank. The completion of the acquisition will further strengthen Kraken’s position in the European market and expand its range of offerings for customers.
As of now, the specific timeline for the completion of the acquisition and the regulatory approval process remains unclear. Cointelegraph has reached out to Kraken and BCM for further comments and information regarding the acquisition.
Kraken’s move to acquire BCM aligns with its broader strategy of expanding into new markets and establishing a global presence. With the regulatory framework of MiCA now in place in the EU, Kraken aims to seize the opportunities presented in the European market and provide its innovative cryptocurrency services to a wider customer base.
In summary, Kraken’s pending acquisition of Netherlands-based exchange BCM signifies its determination to expand into the European market. The acquisition will enable Kraken to build a significant presence in the Dutch market and offer BCM’s clients an enhanced product portfolio. This move aligns with Kraken’s strategy of global expansion and comes following the implementation of the EU’s MiCA regulatory framework. Both companies are awaiting regulatory approval before completing the deal.