Kraken Becomes First Crypto Exchange to Offer Spot and Futures Trading After Major Acquisition
According to Fortune, cryptocurrency exchange Kraken has recently acquired major futures trading firm Crypto Facilities. The deal, the financial details of which remain undisclosed, allows the San Francisco-based company to become the very first cryptocurrency trading platform that enables its users to engage in both spot and futures trading.
Alex DovbnyaA door-opening merger
FCA-approved Crypto Facilities is a professional cryptocurrency exchange that was founded back in 2014. According to Kraken CEO Jesse Powell, the merger allowed them to circumvent years of the regulatory hassle to roll out a derivatives service in Europe.
Notably, Crypto Facilities will continue operating as an independent company. Moreover, all of the employees of the 25-strong startup will keep their jobs (along with the company’s CEO, Timo Schlaefer).
Having an edge over competitors
The deal gives a major competitive advantage to Kraken given that its customers will now have a possibility to trade futures over the clock. Taking such steps is important in a highly competitive market, and Powell claims that more deals will follow in 2019. One of the leading exchanges is on the cusp of completing its massive $100 mln funding round that will put its valuation at $4 bln.
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