Kraken, one of the largest and oldest cryptocurrency exchanges in the world, has announced its intention to acquire BCM, a Dutch crypto broker that offers trading and staking services for over 170 digital assets.
The deal, which is subject to regulatory approvals, will strengthen Kraken’s presence and influence in the European market, especially in the Netherlands.
Kraken is Moving Forward with Its European Conquest
The acquisition comes at a time when the European Union (EU) is preparing to implement its Markets in Crypto-Assets (MiCA) regulatory framework, which aims to harmonize the rules and standards for crypto service providers across the block.
Kraken and BCM share a vision of fostering innovation and adoption of cryptocurrencies while complying with the evolving regulations. Kraken CEO David Ripley said that the Netherlands is an attractive destination for crypto businesses due to its strong economy, high level of crypto adoption, and culture of innovation.
He added that the acquisition 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.
BCM Co-founder and CEO Mitchell Zandwijken said that Kraken is the perfect partner for BCM, as it has a proven track record of over a decade in the crypto industry. He said that Kraken’s investment and innovations will enhance the services and experience for BCM’s existing and future customers.
BCM, which recently rebranded from Bitcoin Meester, was founded in 2017 and has grown to become one of the leading crypto brokers in the Netherlands. The company is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the central bank of the country.
Kraken, which was founded in 2011, is one of the most respected and trusted crypto exchanges in the world. It offers a wide range of products and services, including spot and futures trading, margin trading, staking, lending, OTC desk, and educational resources.
Kraken has also acquired several licenses to operate as a virtual asset service provider (VASP) in Ireland, Italy, and Spain. The acquisition of BCM is expected to close in early 2024, subject to customary closing conditions and regulatory approvals.
