Kraken, a U.S.-based cryptocurrency exchange, has revealed plans to acquire Dutch crypto exchange Coin Meester B.V. (BCM) as part of its expansion strategy in Europe. The financial terms of the deal have not been disclosed. This move comes in the wake of the European Union's introduction of its Markets in Crypto-Assets (MiCA) regulatory framework.
Kraken has been actively working on expanding its presence in Europe and has already obtained virtual asset service provider (VASP) licenses to operate in countries like Ireland, Italy, and Spain. In a statement, Kraken's CEO, David Ripley, highlighted the appeal of the Netherlands, citing its robust economy, high cryptocurrency adoption rate, and culture of innovation.
The acquisition of BCM is expected to provide Kraken with a significant foothold in the Dutch market, allowing it to offer an enhanced product portfolio to BCM's existing customer base. BCM's co-founder and CEO, Mitchell Zandwijken, expressed enthusiasm about the acquisition, stating that Kraken's expertise and investment would benefit their customers.
Formerly known as Bitcoin Meester and founded in 2017, BCM offers a range of cryptocurrency trading and staking services, granting users access to more than 170 cryptocurrencies. The company is registered as a Dutch cryptocurrency service provider with the Dutch central bank, ABN AMRO. Both Kraken and BCM have emphasized that the acquisition is subject to regulatory approvals, including those from the Dutch central bank.
