- The acquisition comes in the wake of the European Union’s implementation of its MiCA framework.
- Kraken has been taking strategic steps to establish a strong presence in Europe.
Kraken, a prominent U.S.-based cryptocurrency exchange, has unveiled plans for expansion into Europe, with a pending acquisition of the Netherlands-based cryptocurrency exchange Coin Meester B.V. (BCM).
The exact financial terms of the deal remain undisclosed.
Kraken’s move to acquire BCM comes in the wake of the European Union’s implementation of its Markets in Crypto-Assets (MiCA) regulatory framework.
Kraken has been taking strategic steps to establish a strong presence in Europe. It secured virtual asset service provider (VASP) licenses that enable operations in Ireland, Italy, and Spain.
CEO David Ripley emphasized the allure of the Netherlands for Kraken. He cited the nation’s robust economy, high cryptocurrency adoption rates, and a culture of innovation as compelling reasons to make it a base of operations.
Expanding its horizon, eyeing European crypto market
This acquisition positions Kraken to make a significant impact on the Dutch cryptocurrency market. It also offers BCM’s clientele access to an enhanced suite of services.
BCM’s CEO, Mitchell Zandwijken, expressed enthusiasm about the partnership, anticipating the benefits that Kraken’s investment and innovations will bring to their existing customer base.
Established in 2017, BCM, formerly known as Bitcoin Meester, provides cryptocurrency trading and staking services. It also offers access to a vast array of over 170 cryptocurrencies.
The company is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the central bank of the Netherlands.
Founded in 2011, the Kraken exchange is based in the United States. It achieved a valuation of US$10.8 billion in mid-2022.
Since 2018, regulatory authorities have conducted several investigations into the company, resulting in Kraken agreeing to pay cumulative fines exceeding $30 million.