United States-based exchange Kraken has announced a pending deal to acquire Netherlands-based cryptocurrency exchange Coin Meester B.V. (BCM) as it sets its sights on European expansion.
While the financial details of the deal have not been disclosed, Kraken and BCM announced the looming acquisition off the back of the European Union’s (EU) establishment of its Markets in Crypto-Assets (MiCA) regulatory framework.
The announcement from Kraken highlights its plans to grow its business across Europe, having acquired virtual asset service provider (VASP) licenses to operate in Ireland, Italy and Spain.
A statement from Kraken CEO David Ripley highlighted the strength of the Netherlands economy, the high level of cryptocurrency adoption, as well as a culture of innovation as a driving reason for looking to establish a base of operations in the country.
“The acquisition of BCM 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.”
BCM Co-founder and CEO Mitchell Zandwijken said that its existing client base would benefit from Kraken’s investment and innovations that are set to come from the acquisition.
“Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward.”
BCM, which recently rebranded from Bitcoin Meester, was established in 2017 and offers cryptocurrency trading and staking services which includes access to over 170 cryptocurrencies.
The company is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank. Both companies note that the deal is subject to regulatory approvals which will include clearance from the Dutch Central Bank.
Cointelegraph has reached out to Kraken and BCM to ascertain finer details of the acquisition.
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