Kraken Has Bought Futures Startup For At Least $100M
The startup in question is called Crypto Facilities and is registered with the UK FCA (Financial Conduct Authority). This deal will allow Kraken to offer its customers the following: trade spot and open positions providing exposure to the future movements of crypto price.
Moreover, with this acquisition Kraken has opened the door to the European market – a longed-for opportunity for a San Francisco-based company. One of the obvious benefits is the ability to trade futures on nights and weekends, while it’s strictly 9-to-5 trading hours in the US.
Kraken operates in a very crowded market, but CEO Jesse Powell considers Bitstamp and Coinbase to be “the serious ones.” Bitstamp is based in Luxemburg, while Coinbase, although based in the US, has extended its services to Europe. So what advantage does Kraken possess after the acquisition of Crypto Facilities? This will be the only available futures offering for cryptos in Europe.