Leading cryptocurrency exchange Kraken has unveiled its strategic move to acquire Dutch crypto broker Coin Meester B.V. (BCM). This acquisition reflects Kraken’s commitment to expanding its foothold in Europe, with a particular focus on the Netherlands, a key market in their growth strategy.
Coin Meester B.V., established in 2017, is recognized as one of the Netherlands’ oldest and most reputable registered crypto brokers. The company offers a range of services, including the purchase, sale, and staking of cryptocurrencies, with access to over 170 digital assets.
Kraken’s proposed acquisition of BCM is poised to reinforce its presence in the Netherlands, providing BCM’s clients with access to Kraken’s extensive product suite, liquidity, high security standards, and round-the-clock customer support.
David Ripley, CEO of Kraken, shared his perspective on the move, stating that this acquisition will grant Kraken a substantial foothold in the Dutch market while enhancing the value proposition for BCM’s clientele. Ripley emphasized the significance of the Netherlands as a pivotal market in Kraken’s European expansion strategy, citing the country’s advanced economy, culture of innovation, and strong crypto adoption.
Kraken’s decision to accelerate its European growth aligns with the European Commission’s establishment of the Markets in Crypto-Assets (MiCA) regulatory framework. This framework creates a conducive environment for industry players to invest confidently in the region and offer consumers a wider array of competitive products and services.
Kraken’s commitment to growth is underpinned by its dedication to compliance with European regulations. In addition to its existing virtual asset service provider (VASP) licenses in Ireland, Italy, and Spain, the exchange is actively pursuing registrations in various other European markets.
It’s important to note that the proposed acquisition is contingent upon customary closing conditions, including obtaining the necessary regulatory approvals, marking a significant milestone in Kraken’s European expansion journey.
