In a bold move aimed at expanding its European footprint, Kraken, the United States-based cryptocurrency exchange, has officially declared its intention to acquire BCM Coin Meester B.V, a Netherlands-based cryptocurrency platform.
Driving Forces Behind the Deal
The impending acquisition comes on the heels of the European Union’s implementation of the Markets in Crypto-Assets (MiCA) regulatory framework. Notably, the financial specifics of the deal have remained undisclosed. However, the joint announcement from Kraken and BCM signals a strategic alignment for future growth.
Kraken’s proactive approach to growth involves securing virtual asset service provider (VASP) licenses in key European markets. The exchange has already acquired licenses to operate in Ireland, Italy, and Spain, positioning itself for a broader market presence.
Netherlands as a Focal Point: Kraken’s CEO David Ripley Weighs In
Kraken’s CEO, David Ripley, underlines the significance of the Netherlands in this expansion strategy. He points to the robust Dutch economy, high cryptocurrency adoption rates, and a culture of innovation as compelling factors for establishing a base of operations in the country.
“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 Perspective: Innovation and Investment for Existing Clients
Mitchell Zandwijken, co-founder and CEO of BCM, echoes the sentiment, emphasizing the positive impact on their existing client base. According to Zandwijken, Kraken’s investment and innovative prowess, built over a decade of pioneering work in the field, position them as the ideal steward for BCM’s business.
Zandwijken stated,
“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”
Transition from Bitcoin Meester and Regulatory Clearance
Formerly known as Bitcoin Meester, BCM, established in 2017. It offers a range of cryptocurrency trading and staking services, providing access to over 170 cryptocurrencies.
The company is a registered Dutch cryptocurrency service provider with De Nederlandsche Bank. Importantly, both parties acknowledge that the deal is subject to regulatory approval, including clearance from the Dutch central bank.
Read More:
Shiba Inu Community on High Alert as SHIB Telegram Admin Account Compromised
Virtu Challenges Michael Lewis Book, “Going Infinite,” Denying $10 Million Loss with FTX