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Kraken acquires London-based Crypto Facilities in nine-figure deal

Tue, 05 Feb 2019, 10:18 am UTC

Leading cryptocurrency exchange Kraken has acquired Crypto Facilities, a regulated cryptocurrency trading platform and index provider, in a nine-figure deal.

San Francisco-based Kraken has made a number of acquisitions in the past including major Bitcoin exchanges Coinsetter, Cavirtex and CleverCoin; wallet funding service Glidera; and a multi-exchange charting, trading and portfolio tracking platform Cryptowatch. The latest acquisition will position it to become a global leader in cryptocurrency spot and futures trading.

“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.”

Based in London, Crypto Facilities offers individuals and institutions transparent, secure, 24/7 trading on a range of cryptocurrency derivatives. It was the first regulated entity to list futures on Bitcoin, Ethereum, Ripple XRP, Litecoin and Bitcoin Cash, the release said.

In addition, Crypto Facilities is also a leading cryptocurrency index provider, calculating the CME CF Bitcoin Reference Rate that powers the CME Group’s Bitcoin futures.

Through this acquisition, eligible Kraken clients would be able to access futures on six cryptocurrency pairs – XBT:USD, ETH:USD, LTC:USD, BCH:USD, XRP:USD, and XRP:XBT. Crypto Facilities will continue to operate out of London, benefiting from the regulatory oversight of the Financial Conduct Authority (FCA).

“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,” Timo Schlaefer, Crypto Facilities CEO and Founder, said.

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