Kraken, one of the world’s largest bitcoin exchanges, announced it has acquired the Dutch cryptocurrency exchange CleverCoin.
One of the first Netherlands-based bitcoin exchanges is expected to bring to Kraken thousands of new clients and reinforce its position as a leading European cryptocurrency exchange. Terms of the deal were not disclosed.
According to Kraken’s CEO Jesse Powell, the CleverCoin brand will be folded into the Kraken global brand, while its clients will receive seamless access to Kraken’s platform. The transfer will start on June 29, 2016. Once the CleverCoin clients login into Kraken’s platform and update their information, they can start trading immediately.
“Kraken is the ideal custodian for CleverCoin going forwards,” said CTO and Co-Founder of CleverCoin Karsten Nilsen said. “They are, by every measure, the largest bitcoin and digital asset exchange in Europe and our core beliefs are perfectly aligned. As of today, CleverCoin clients will have seamless access to all the features and benefits of Kraken’s global brand, including the ability to trade many of the most popular currency pairs, the latest technology, the most advanced security, and faster Single Euro Payments Area (SEPA) transfers.”
This would be the third acquisition for Kraken this year, after acquiring the exchanges Coinsetter and Cavirtex in February. In April Kraken received a significant investment from the Japanese forex brokerage Money Partners Group and in May launched ether dark pool trading and updated its margin trading program.
Founded in 2011, San Francisco-based Kraken is the largest bitcoin exchange in euro volume and liquidity and also trading the cryptocurrency litecoin, Canadian dollars, US dollars, British pounds and Japanese yen.
CleverCoin was founded in 2013 in Eindhoven and was one of the first Dutch bitcoin exchanges. It was among the first in Europe to focus on compliance, offer leveraged trading, and establish regulated banking partnerships.