Crypto exchange Kraken today unveiled its plans to acquire Coin Meester B.V. (BCM), a prominent crypto broker in the Netherlands, showcasing Kraken’s dedication to expanding its European business using its strong financial position and competitive product offerings.
Founded in 2017, BCM (formerly Bitcoin Meester) is a registered crypto broker in the Netherlands, offering services for buying, selling, and staking over 170 cryptocurrencies with robust local funding rails.
This acquisition will bolster Kraken’s presence in the Netherlands and allow BCM’s clients to access Kraken’s extensive product range, superior security standards, market-leading liquidity, and round-the-clock customer support.
CEO David Ripley highlighted the Netherlands as a crucial market for Kraken’s European expansion due to its advanced economy, culture of innovation, and high crypto adoption rates.
By acquiring BCM, Kraken aims to establish a substantial foothold in the Dutch market and offer BCM’s clients an enhanced product lineup.
BCM’s Co-founder and CEO, Mitchell Zandwijken, emphasized their mission to make crypto accessible to everyone and expressed confidence in Kraken’s ability to further this vision through continuous investment and innovation.
Kraken’s decision to accelerate its growth plans in Europe aligns with the European Commission’s establishment of the Markets in Crypto-Assets (MiCA) regulatory framework, providing a conducive environment for investment and consumer access to competitive crypto products and services in the region.
Kraken aims to grow its business in compliance with European regulations, evident from its VASP registrations in several European countries.
The European crypto services market being fragmented presents a consolidation opportunity, and Kraken plans to invest in expanding its European business to capitalize on growth prospects.
Over the years, Kraken has expanded its product suite and recently launched a NFT marketplace, a new Kraken Pro trading interface, and an improved consumer web experience, aligning with its strategy to be a bridge to exciting areas of crypto.
The completion of this acquisition is contingent on customary closing conditions and obtaining the necessary regulatory approvals, with financial specifics of the transaction undisclosed.