Popular cryptocurrency exchange Kraken has announced plans to acquire Netherlands-based cryptocurrency trading platform Coin Meester B.V. (BCM) as it keeps moving to expand in Europe.
Details on the cost of the acquisition have not been disclosed, but the move comes after the European Union set new cryptocurrency rules through its Markets in Crypto-Assets (MiCA) regulation.
The move, according to Kraken’s CEO David Ripley, 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.”
The announcement highlights Kraken’s plans to grow across Europe, after the firm acquired a virtual asset service provider (VASP) in Ireland, Italy, and Spain.
BCM was launched in 2017 and offers crypto trading and staking services for over 170 digital assets. The firm is registered as a Dutch cryptocurrency service provider with the country’s central bank, Da Nederlandsche Bank.
The deal is subject to regulatory approval.