The Kraken cryptocurrency exchange has managed to secure a massive deal, the largest in the crypto sector upto now, in this year, by acquiring a firm called the Crypto Facilities for more than a whopping sum of $100 million. After this acquisition, Kraken will be able to lay claim to a huge valuation of around $4 billion. It has been suggested that the next funding round for this exchange will be raised at this humongous valuation.
The Crypto Facilities is an operator of index products and regulated futures in the European region. Given that Kraken is one of the top cryptocurrency exchanges from Europe itself, the acquisition seems to be an excellent fit, besides being a major booster to Kraken’s market value.
In its official blog, Kraken celebrated the acquisition by writing:
“The acquisition of Crypto Facilities reinforces Kraken’s commitment to meeting client demand for innovative products and services that complement its core spot exchange and white-glove OTC service. Eligible Kraken clients will gain access to futures on six cryptocurrency pairs, providing a highly efficient way to trade and hedge cryptocurrency in any market environment. Trusted by more than 4 million clients in over 190 countries, including professionals, institutions and authorities, Kraken delivers seamless trading in 20 digital assets and 70+ currency pairs, and offers the industry’s most popular advanced charting, trading and portfolio tracking tools through Cryptowatch.”
After this acquisition, experts are fairly certain, Kraken’s valuation will rise to gigantic proportions, bringing it almost at par with the two top exchanges in the market, namely Binance and Coinbase. It is slated to take the third position in the market after this hike in valuation.
As per a quote run by a crypto media outlet, Kraken said:
“Kraken launches futures trading via nine-figure deal, will soon close a fundraising round at $4B valuation, has 100 devs and growing, reveals consumer-friendly rebranding, and launches the first podcast to show juicy inner workings of a crypto company.”
About the massive deal that has placed Kraken firmly under the spotlight, CEO Jesse Powell commented:
“We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019.”