Kraken has set its sights on expanding its European presence through the acquisition of a cryptocurrency platform based in the Netherlands. The United States-based exchange, Kraken, recently revealed its intentions to acquire the Netherlands-based cryptocurrency exchange known as Coin Meester B.V. (BCM), marking a strategic move in its European expansion plans. Although the precise financial terms of the deal remain undisclosed, Kraken and BCM have publicly announced this impending acquisition, coinciding with the European Union’s implementation of the Markets in Crypto-Assets (MiCA) regulatory framework. This announcement from Kraken underscores its commitment to expanding its operations across Europe. The company has secured virtual asset service provider (VASP) licenses to operate in Ireland, Italy, and Spain. Kraken’s CEO, David Ripley, emphasized the appeal of the robust Dutch economy, the widespread adoption of cryptocurrencies, and a culture of innovation as compelling reasons to establish a foothold in the Netherlands. “The acquisition of BCM positions Kraken as a significant player in the Dutch market and promises BCM’s clients an even more comprehensive range of products and services.” Mitchell Zandwijken, the co-founder and CEO of BCM, expressed confidence that their existing client base would benefit significantly from Kraken’s investments and innovations following the acquisition. “Kraken is a trailblazer in this domain, boasting a track record that spans well over a decade. This makes them the ideal custodian for our business moving forward.” BCM, previously known as Bitcoin Meester and established in 2017, offers an array of cryptocurrency trading and staking services, granting access to over 170 cryptocurrencies. The company is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the central bank of the Netherlands. It is worth noting that both companies acknowledge that the success of this deal hinges on regulatory approval, including clearance from the Dutch central bank. Cointelegraph has reached out to both Kraken and BCM for their perspectives on this impending acquisition.
