Kraken exchange has inked a groundbreaking pact with the renowned Formula 1 powerhouse, Williams Racing. This momentous collaboration is poised to champion the cause of widespread cryptocurrency adoption.
Kraken is championing financial inclusivity through its partnership with Formula 1. They anticipate that this collaboration will serve as a catalyst in fostering a shared vision for the future of finance and community involvement.
As detailed in a comprehensive Kraken blog post, both entities are unwavering in their commitment. They aim to cultivate a unified perspective regarding the future of finance and community participation.
In this partnership, Kraken becomes the first-ever ‘Official Crypto and Web3 Partner’ for the Williams Racing team. Notably, the Kraken logo will prominently adorn the FW45 race car at the 2023 Formula 1 Rolex Australian Grand Prix.
The main goal is to boost global awareness and adoption of cryptocurrencies and the Web3 sphere. At the same time, it aims to offer fans cutting-edge cryptocurrency and Web3 experiences. In this collaborative effort, they will create unique digital collectible encounters to engage both the cryptocurrency and motorsport communities.
For the first time ever, holders of specific digital collectibles on the KrakenNFT platform will gain exclusive access to display their NFTs on the Williams Racing car. This underscores Kraken’s steadfast dedication to community engagement.
James Bower, the commercial director at Williams Racing, has enthusiastically welcomed this remarkable partnership. Proudly, he affirms that Kraken’s arrival in the Formula 1 arena, alongside Williams Racing, brings together two highly esteemed and long-standing brands in their fields.
Furthermore, Kraken’s trusted trading platform for BTC, ETH, and various digital assets is preferred by over 10 million users worldwide.
Acquiring BCM and Partnering with Formula 1 Powerhouse, Williams Racing
Collaborating with Williams Racing, a respected Formula 1 powerhouse, demonstrates Kraken’s continued commitment to advancing global financial empowerment and inclusivity.
In Kraken’s extensive efforts, they’ve recently made significant strides in the European market. They achieved this by acquiring Coin Meester BV (BCM), a well-known Dutch cryptocurrency brokerage firm.
This strategic move harmonizes with Kraken’s resolute dedication to fostering its European presence and extending its services on a global scale. Financial details surrounding this acquisition remain confidential. David Ripley, Kraken’s CEO, underscores the pivotal role of the Netherlands as a core market for the company’s growth.
According to Ripley, the acquisition of BCM will provide Kraken with a substantial foothold in the Dutch financial landscape. BCM, established in 2017, operates as a cryptocurrency brokerage firm, rendering services that encompass cryptocurrency trading and staking.
Their offerings include access to an extensive assortment of over 170 digital assets, alongside local funding channels. BCM’s co-founder and CEO, Mitchell Zandwijken, acknowledges that the company’s existing clients will benefit. They will gain from Kraken’s investments and innovations resulting from this acquisition.
Kraken’s European Expansion: Regulatory Approvals, BCM Acquisition, and MiCA Preparation
Notably, Kraken secured an e-money institution license from the Central Bank of Ireland in late September, complemented by a registration as a Virtual Asset Service Provider (VASP) by the Bank of Spain. Armed with these pivotal regulatory endorsements, Kraken stands well-positioned to amplify its presence across the European terrain.
The acquisition of BCM is slated to fortify Kraken’s product portfolio, thereby broadening the scope of services offered to BCM’s clients. Additionally, the impending rollout of the European Union’s Markets in Crypto Assets (MiCA) regulatory framework, scheduled for the following December, provides firms with a grace period to ensure compliance.
Kraken’s astute move to acquire BCM positions the company strategically, affording it the flexibility to navigate the ever-evolving regulatory landscape and consolidate its presence in the Dutch market.
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