United States-based cryptocurrency exchange Kraken has unveiled its plans to acquire Netherlands-based cryptocurrency exchange Coin Meester B.V. (BCM), signaling a robust expansion into the European market. The announcement follows closely on the heels of the European Union rolling out its Markets in Crypto-Assets (MiCA) regulatory framework, which sets a structured legal context for crypto businesses across the member states.
Kraken Targets Netherlands with BCM Acquisition
Having secured virtual asset service provider (VASP) licenses to operate in Ireland, Italy, and Spain, Kraken now focuses on the Netherlands, nation recognized for its sturdy economy and notable cryptocurrency adoption. David Ripley, CEO of Kraken, underscored the Netherlands’ innovative culture and the strength of its economy as pivotal reasons for establishing a foothold in the country through the acquisition of BCM. He emphasized that this acquisition would fortify Kraken’s position in the Dutch market and enhance BCM’s product offerings, benefiting its existing clientele.
Mitchell Zandwijken, BCM’s co-founder and CEO, expressed optimism about the future under Kraken’s stewardship, citing the latter’s pioneering status and a commendable track record in the cryptocurrency domain over a decade. BCM, established in 2017 and recently rebranded from Bitcoin Meester, provides a platform for cryptocurrency trading and staking services, offering access to over 170 cryptocurrencies. Registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the country’s central bank, BCM aligns itself with regulatory compliance.
Dutch Central Bank to Assess Kraken
While the deal’s financial details remain undisclosed, both companies have clarified that the acquisition is subject to regulatory approval, necessitating clearance from the Dutch central bank. This move by Kraken comes amidst a period of significant activity in the cryptocurrency market, with the exchange recently recording a substantial influx of 14,924 Bitcoin, the largest since 2018.
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