Expand Wings To European Market, Crypto Exchange Kraken Buys BCM Crypto Broker

Kraken crypto exchange expands its wings to the European market. (Photo; Doc. Cryptoast)

JAKARTA - Crypto exchange Kraken announced the acquisition of Dutch cryptocurrency broker BCM in a strategic step to expand their business reach in Europe. BCM, founded in 2017, is a registered broker in the Netherlands that offers various services, including buying, selling, and guaranteeing more than 170 cryptocurrencies, as well as utilizing local financing channels.

This acquisition demonstrates Kraken's dedication to developing its presence in Europe by leveraging strong financial positions and competitive product offerings from BCM. However, this acquisition process still needs to await the usual closure requirements and approval from the authorities.

One of the main motivations behind this acquisition is to strengthen Kraken's foothold in the Netherlands and provide BCM clients with access to Kraken services that include a variety of cryptocurrencies, high liquidity, high security standards, and client support at all times.

The move is also in line with the market in Crypto-Assets (MiCA) regulatory framework introduced by the European Commission. MiCA encourages crypto companies to invest confidently in European regions, provide security to consumers, and offer more competitive products and services.

Kraken is committed to developing its business in accordance with European regulations and has been actively pursuing registration in various European markets, including registration as a Crypto Asset Service Provider (VASP) in Ireland, Italy, and Spain.

In recent years, Kraken has confirmed its core exchange offer and diversified its product portfolio. This includes the launch of the NFT Kraken market and an increase in consumer web experiences, as more individuals explore the potential of decentralized blockchain technology.

The acquisition of BCM by Kraken is one of the latest steps in their efforts to remain leaders in the global crypto ecosystem, focusing on Europe as a rapidly growing market.