Kraken acquires Dutch broker BCM to expand European footprint
Kraken announced today the completion of the BCM acquisition.
We’re happy to share the close of the BCM acquisition! The deal significantly boosts our Dutch footprint and gives us registered operations in France and Poland. Read more here ⬇️ https://t.co/GoCIWEqrbD
— Kraken Exchange (@krakenfx) September 24, 2024
In a press release, Kraken said that by acquiring BCM, it has significantly strengthened its position in the Netherlands and enhanced its firm with a registered Virtual Asset Service Provider (VASP) in France and Poland.
Kraken European expansion strategy
The post added that we have accelerated our European expansion over the last two years in anticipation of the Markets in Crypto Assets Regulation's (MiCA) implementation. We intend to increase our market share by taking advantage of its best-in-class product suite and global reach. Because of the extreme fragmentation of the European market, consolidation is anticipated in the coming years due to a rise in costs and heightened competition.
Brian Gahan, Managing Director of Kraken Europe, said that the successful completion of the BCM acquisition represents a significant milestone in the company’s European expansion strategy. It will enable Kraken to capitalize on its robust presence and dominant market position in euro volume and liquidity to substantially increase its market share in the coming years.
BCM clients to enjoy Kraken's extensive range of products and services
In the upcoming months, BCM clients will start to gain from Kraken's extensive product offering. In addition to the best security measures available, they will have access to over 200 digital assets, industry-leading liquidity, and live, round-the-clock, local-language client support.
As part of its strategy to become the link to the most exciting parts of cryptocurrency, Kraken has strengthened and broadened its core product offering in recent years. Kraken customers will benefit from the Kraken Pro trading interface for experienced traders in addition to a fresh online user experience.
Kraken Jesse Powell recently gave the Donald Trump presidential campaign $1 million in cryptocurrency, as seen on X. Powell stated in the X post that "for far too long, the U.S. Securities and Exchange Commission, Elizabeth Warren, the Massachusetts senator, Gary Gensler, and others have been attacking the crypto industry."
Despite strong bipartisan congressional efforts to establish clear regulations, the Biden White House has allowed an enforcement campaign of unchecked regulation. He continued by saying that this strategy is reducing US competitiveness as other developed countries enact extensive regulations pertaining to digital assets.
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