Kraken acquires Australian crypto exchange Bit Trade
The US-based crypto company continues to work on becoming a global force
An effective business strategy is buying a company that’s growing strong and getting leverage for a company to grow vertically, and this happens as well in the cryptocurrency world. With the vision of becoming a multi-exchange aggregator that combines several platforms integrated into one, US-based Kraken just announced the acquisition of the Australia’s longest-running digital currency exchange, Bit Trade. For Kraken, it becomes important to have AUD liquidity, as well as to gain experience in the customer support area for institutions and retail clients.
Bit Trade started operations back in 2013, delivering Bitcoin and several other cryptocurrencies to Australian customers. It is currently the leader in providing these types of services in the country, and also offers additional services to clients, such as bill payment service, in which users could pay using Bitcoin, Ether or Ripple for almost anything.
Kraken’s vision of becoming a single interface platform is to ensure its users the best price and execution, with the idea of being the largest over the counter desk in Australia, therefore, allowing large volume transactions. Kraken will absorb the entire team from Bit Trade and the leader, Jonathon Miller, will now become Managing Director of Kraken in Australia.
This is not the first nor the second acquisition of this kind made by Kraken. Major deals were made with exchanges such as Coinsetter, Cavirtex and CleverCoin previously and, last month, it acquired a crypto platform index provider, Crypto Facilities, in a nine-figure deal. All this, despite the current lawsuit filed by its former analyst, Nathan Runyon, who claims to have discovered irregularities in the company’s operations.