American crypto exchange Kraken has announced its successful acquisition of Coin Meester (BCM), a Dutch crypto broker. The company noted that this move will extend its presence to the Netherlands market and, by extension, Europe.
Why Target Europe?
Kraken noted that the European market comprises many small, separate companies, making it hard for them to compete. As costs rise and competition increases, these companies will likely merge or be bought out. The exchange plans to take advantage of this situation by using its global presence and products to become a more significant player in the European market.
Notably, the exchange has been operating in Europe over the past two years. It offers services like buying, selling, and storing crypto in five European countries: Germany, Spain, Italy, Belgium, and Ireland. Its acquisition of BCM has expanded its services to three more countries: France, the Netherlands, and Poland.
This expansion automatically legalizes the company’s operations in France and Poland since the newly acquired broker is registered as a Virtual Asset Service Provider (VASP) in these countries.
The exchange claims to follow the new rules called Markets in Crypto-Assets Regulation (MiCA), making it easier for people in these countries to use crypto. Kraken believes this recent move puts the company in a great position to succeed amidst Europe’s dynamic crypto regulations.
What This Means for BCM Users
The announcement stated that Kraken has strengthened its core product offering and expanded its product suite, which aligns with its strategy to become the bridge to the most exciting areas of crypto. Its clients now benefit from the Kraken Pro trading interface for advanced traders and a new consumer web user experience.
Kraken boasts that BCM users will not be excluded from these services as they will soon see a significant upgrade. It explained that customers will access over 200 digital assets, benefit from market-leading liquidity, and enjoy superior security. Additionally, the firm promises to give these users round-the-clock support in their local language and improve their trading experience.
Meanwhile, Kraken’s latest acquisition comes months after it lost $3 million to a security breach.
