Kraken’s European Expansion Gains Momentum with BCM Deal

Kraken, a well-known cryptocurrency exchange, has its eyes set on buying Coin Meester B.V. (BCM), a regulated cryptocurrency broker with offices in the Netherlands, as part of a strategic move aimed at expanding its footprint in the European market. This article explores the importance of this purchase and what it means for Kraken’s intentions to expand throughout Europe.

Kraken’s European Expansion Strategy

The choice made by Kraken to buy BCM demonstrates its dedication to expanding its presence in Europe. One of the first and most completely authorized cryptocurrency brokers in the Netherlands is BCM, which was founded in 2017. It provides a wide range of services, including cryptocurrency buying, selling, and staking.

With this tactical move, Kraken is ready to access the vibrant Dutch cryptocurrency sector, an important step in its larger European development strategy. The Netherlands has one of the most developed economies in the world, as well as an innovative culture and a high rate of cryptocurrency use. Kraken is aware of the enormous potential that this market offers.

Kraken CEO David Ripley expressed his enthusiasm for the acquisition, highlighting the Netherlands’ significance in their European expansion plans. He stated, “The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.” Ripley’s vision revolves around providing BCM’s clients with enhanced crypto services, further strengthening Kraken’s presence in Europe.

The launch of Kraken in Europe is in line with the development of the legal environment, notably the Markets in Crypto-Assets (MiCA) framework. While providing customers with access to a variety of crypto products, these laws open up potential for crypto players to invest in the area. In order to promote confidence and dependability in the cryptocurrency industry, Kraken is committed to guaranteeing compliance with the various regulatory standards across Europe.

BCM co-founder and CEO, Mitchell Zandwijken, shared his thoughts on the acquisition, emphasizing the shared vision of making crypto accessible to a broader audience. He noted, “Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward. Our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation.” The acquisition is poised to provide BCM’s clients with an enriched crypto experience under Kraken’s stewardship.

It’s important to note that the transaction requires the Dutch banking regulator’s permission. The transaction’s financial specifics have not yet been made public. By purchasing BCM, Kraken is demonstrating its strategic ambition to lead the way in Europe’s developing cryptocurrency market and serve both seasoned investors and those just entering the industry.