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Kraken, a US-based cryptocurrency exchange, announced it is acquiring the Netherlands-based crypto exchange Coin Meester B.V. (BCM). This deal will be a stepping stone for the company as it is aiming to expand its business in Europe.
As per CoinTelegraph, Kraken and BCM did not disclose the deal's financial details, but they confirmed the acquisition after the European Union implemented its Markets in Crypto-Assets or MiCA regulatory framework.
The European Business Plans
Kraken’s acquisition of BCM highlighted its intention to grow its business in Europe. The deal truly boosted the firm’s expansion plan in this region, especially now that it has already obtained virtual asset service provider (VASP) licenses to operate in Spain, Italy, and Ireland.
The crypto exchange’s chief said they chose to expand in this region as the Netherlands’ economy is currently very strong, and the crypto adoption here is high. Moreover, it said that the innovation surge is another reason they would like to establish a base in the territory.
“The Netherlands has one of the world’s most advanced economies, with a well-established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans,” David Ripley, Kraken’s chief executive officer, said in a press release. “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.”
BCM’s Background
BCM was first established in 2017 and was formerly known as Bitcoin Meester. It mainly provides cryptocurrency trading and staking services as well as access to more than 170 types of cryptocurrencies.
It was registered with the country’s central bank, De Nederlandsche Bank, as a Dutch crypto service provider. Kraken and BCM’s acquisition deal is still subject to regulatory approval and is not yet fully complete. They are also waiting for clearance from the Dutch central bank so they can finally close their deal.
Mitchell Zandwijken, BCM’s co-founder and CEO, further commented, “We founded BCM because we wanted to make crypto accessible to everyone. 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.”
