The financial details of the deal were kept under wraps.
Image: Kraken Blog
Key Takeaways
- Kraken's acquisition of BCM enhances its VASP capabilities in France and Poland.
- BCM clients will be able to access over 200 digital assets and enhanced security.
Kraken announced Tuesday it has completed the acquisition of Coin Meester B.V. (BCM), one of the most respected registered crypto brokers in the Netherlands. The move is expected to help bolster the firm’s presence in Europe, especially as the Markets in Crypto-Assets Regulation (MiCA) is implemented.
“The completion of the BCM acquisition is a key milestone in our European expansion, allowing us to leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share in the years ahead,” Brian Gahan, Kraken Managing Director Europe, stated.
The plan to acquire BCM was first unveiled last October, but the specific financial details of the transaction were undisclosed.
With BCM’s acquisition now being completed, Kraken can offer VASP services directly or through partnerships in several European countries, including Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland.
The deal demonstrates Kraken’s commitment to growing its business in Europe and capitalizing on the region’s increasing adoption of crypto services.
Kraken believes that the European crypto market will consolidate in the coming years due to rising costs and competition. The firm plans to grow its market share in Europe by leveraging its global scale and product offerings.
Kraken’s acquisition of BCM not only expands its geographical footprint but also enhances its product offerings. The firm said that BCM clients will soon have access to over 200 digital assets, top-tier liquidity, and high-standard security measures, along with 24/7/365 live, local-language client support.
“We are one of the very few in Europe that can combine global scale with a compliant offering and a superior client experience. Our clients stand to benefit as we empower them with the premium trading and investing experiences needed to unlock crypto’s full potential,” Gahan said.
