Kraken, a cryptocurrency exchange has purchased a futures startup, Crypto Facilities, for at least $100 million.
Big news considering it’s one of the largest crypto acquisitions in 2019 to date, enabling customers to trade spot and open positions with future price movements within an unified interface.
Kraken CEO, Jesse Powell positioned the merger as a way to bypass the lengthy processes required to acquire required licenses and approvals in order to offer competing services in Europe.
Founded in 2014, Crypto Facilities was approved by regulators and offers cash settlements futures for Bitcoin and a few other cryptocurrency trading pairs, as well as provides data to the CME Group through the CME CF Bitcoin Reference Rate.
Crypto Facilities employs 25 people, bringing the total size of Kraken to 100 employees total.
Powell announced in an interview with CoinDesk “The deal brings our developer team to over 100, and will accelerate Crypto Facilities by enabling us to add more assets. We plan to launch more contracts in the medium-term and Kraken also has plans to launch more assets.”
Author: Adam Sarwar