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Cryptocurrency giant Kraken makes waves with its strategic decision to launch operations in Germany, a pivotal move in its broader European expansion plan. Teaming up with DLT Finance, a regulated financial institution, Kraken aims to offer tailored crypto solutions to meet the diverse needs of German investors.
Kraken's German Expansion
In a stunning development, Kraken, a worldwide known CEX, recently announced plans to begin operations in Germany as part of its European expansion, Coingape reported. In collaboration with DLT Finance, a regulated financial institute and custodian for digital assets, the CEX intends to provide various innovative crypto products, each adapted to German clients' specific needs and preferences.
This move by the cryptocurrency exchange is an attempt to broaden its global footprint. Let us take a closer look at the company's official announcement.
On May 6, Kraken said that it wants to establish a presence in one of Europe's important markets, Germany, through cooperation with DLT Finance. Furthermore, beginning July 10 of this year, the business plans to present a nationwide stockpile of cryptocurrency-related services.
DLT Finance, a subsidiary of the well-known BaFin-licensed crypto services providers DLT Securities GmbH and DLT Custody GmbH, aims to change the German crypto market.
Once the agreement is operational, DLT Finance will streamline specifically designed skills and infrastructure to meet the demands of millions of Germans and provide secure and compliant crypto services.
Kraken CEO David Ripley commented on the relationship: "Collaborating with industry-leading partners is a critical aspect of our objective to drive the worldwide adoption of cryptocurrency. With over 5% of Germans already owning crypto assets, we are confident in the potential of our innovative product suite." He also stated that "along with excellent local language client service support - will be appealing to prospective clients as crypto continues to become more mainstream across Europe."
Strategic Partnership
As reported by CoinGape Media earlier this year, Kraken even obtained a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank. This is consistent with CEX's European expansion objectives, as the company now has legal rights to offer its top-tier crypto services to Dutch residents.
Meanwhile, this story appears to have fueled the global rivalry between recognized cryptocurrency exchanges.
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