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Cryptocurrency trading giant Kraken today announced the costly and expensive acquisition of Crypto Facilities, an established cryptocurrency trading platform and index provider regulated by the Financial Conduct Authority. (CFA).
Crypto Facilities is perhaps most notable as a source of price reference for the American financial market company CME Group Inc. Based in London, the company was the first regulated entity – under the supervision of the FCA – to list Bitcoin. (BTC), Ethereum. (ETH), XRP Futures (XRP), Litecoin (LTC) and Bitcoin Cash (BCH).
Kraken said the company's largest acquisition in history was "a nine-digit transaction" and had been completed to better meet customer demand.
Kraken Launches Futures Trading Through a Nine-Digit Agreement, Closes Fundraising Event with $ 4 Billion Upgrades, Offers 100 Growing Developers, Reveals Consumer-Friendly Brand Change, Launches First Podcast presenting the workings of a juicy cryptography company. //t.co/WEIzjxzE8C
– Kraken Exchange (@krakenfx) February 4, 2019
Everyone keeps their job
The current Crypto Facilities team will be fully integrated into the Kraken team – that is, no one would have lost their job during the transition. Kraken's general manager, Jesse Powell, said in an official press release:
I am delighted to welcome the Crypto Facilities team to the Kraken family. We are pleased to present our eligible clients with industry leading index and futures products. Over the next few months, our teams will continue to improve and expand these offerings. In 2019, traders and institutional clients will have tremendous badets.
Timo Schlaefer, CEO and founder of Crypto Facilities, also said:
Our mission was to build the most sophisticated, the most powerful and the most user-friendly cryptocurrency trading platform possible. Teaming up with Kraken allows us to innovate the next generation of products and dramatically increases the value we are able to provide to our customers.
A first in the industry
The acquisition is particularly noteworthy in that it makes Kraken the first and only cryptocurrency exchange that allows users to trade both cash and futures.
For those looking for huge gains at the risk of being liquidated instantly, the platform offers a leverage 50 times higher.
What do you think about Kraken's acquisition of Crypto Facilities? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock.
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