Key Takeaways
- BCM CEO states that it’s existing client base would benefit from Kraken’s investment and innovation
- Acquisition comes amid the European Union’s recent implementation of MiCA) regulatory framework
In a strategic move to broaden its European footprint, United States-based cryptocurrency exchange Kraken has announced plans to acquire Coin Meester B.V. (BCM), a Netherlands-based cryptocurrency exchange. The announcement follows the European Union’s recent implementation of its Markets in Crypto-Assets (MiCA) regulatory framework, suggesting Kraken’s commitment to expanding its presence in Europe.
While the financial details of the acquisition have not been disclosed, Kraken has been actively working to secure the necessary licenses to operate in key European markets. In September, the exchange obtained an EU e-money institution license from the Central Bank of Ireland and acquired Virtual Asset Service Provider (VASP) registration from the Bank of Spain, indicating its optimism about the European market’s potential for growth.
Coin Meester B.V., previously known as Bitcoin Meester, has been serving the cryptocurrency community since its establishment in 2017. As a reputable cryptocurrency broker based in the Netherlands, the exchange offers a range of services, including cryptocurrency trading and staking, granting users access to over 170 cryptocurrencies. Coin Meester B.V. is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the central bank of the Netherlands.
Kraken’s CEO, David Ripley, views the Netherlands as a pivotal market for the exchange’s expansion plans. The acquisition of Coin Meester B.V. is expected to bolster Kraken’s presence in the Dutch crypto market and aligns with its broader strategy of consolidating its position in the European cryptocurrency service landscape.
Ripley also highlights the robustness of the Netherlands’ economy, a culture of innovation, and high levels of cryptocurrency adoption as factors influencing Kraken’s decision to establish a base of operations in the country. This strategic partnership is anticipated to enhance Kraken’s product offerings and provide Coin Meester B.V.’s existing clients with access to a wider range of services.
Kraken’s expansion efforts align with the impending full implementation of the European Commission’s MiCA regulatory framework in December. This framework allows industry players a grace period to ensure compliance with the new rules, fostering an environment conducive to offering consumers more competitive cryptocurrency products and services.
Beyond its core cryptocurrency exchange services, Kraken is rumored to be exploring opportunities to enter the stock trading sector, signaling its broader vision of driving global cryptocurrency adoption.
BCM’s Co-founder and CEO, Mitchell Zandwijken, expresses optimism about the acquisition, highlighting Kraken’s pioneering role in the crypto industry over the past decade. Zandwijken believes that Kraken’s investment and innovative capabilities will benefit BCM’s existing client base and catalyze further growth.
As Kraken embarks on its journey to expand its European presence, the acquisition of Coin Meester B.V. marks a significant step in the exchange’s quest to establish a more prominent position in the European cryptocurrency market. The deal is, however, subject to regulatory approval, including clearance from the Dutch central bank.
