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Crypto exchange Kraken recently acquired Interchange, which is a firm that offers “accounting, reconciliation and reporting” services. This new acquisition is intended to make portfolio monitoring for users much easier.
In a press release discussing the new acquisition, it was noted that Interchange is “best-in-class” when it comes to providing portfolio reporting and monitoring services. Among those who benefit from its offers are “hedge funds, asset managers and fund administrators.”
“Interchange offers professional-grade accounting and portfolio reconciliation tools designed specifically for the nuances and complexities of digital asset markets. Founded to improve access to crypto markets, Interchange enables institutional investors to better monitor and report their cryptocurrency holdings,” the press release reads.
On this matter, Kraken CEO Jesse Powell expressed his excitement at the acquisition of Interchange. He placed particular emphasis on the fact that the firm was founded by veterans in the crypto industry, Dan Held and Clark Moody.
“I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken,” Powell said. “What’s great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer.”
This new acquisition is just the latest in a string of purchases that Kraken has been doing over the past few months, CoinDesk reports. The crypto exchange has been on an acquisition binge of late, with the objective of building a major network for itself that would help it stand at the top of the industry.
For example, Kraken recently acquired the crypto data firm Cryptofinance.ai. This is an entity that provides price and market data from over 50 crypto exchanges. Before that, Kraken also acquired futures exchange platform Crypto Facilities, which has since been renamed into Kraken Futures.
