Kraken to buy Dutch crypto exchange BCM in European expansion move

Kraken, one of the world’s oldest and most secure cryptocurrency platforms, has announced an agreement to acquire Coin Meester B.V. (BCM), a leading Dutch crypto broker. The deal, which is subject to regulatory approvals, will give Kraken a strong foothold in the Netherlands and the European market.

BCM, which recently rebranded from Bitcoin Meester, was founded in 2017 and offers trading and staking services for over 170 cryptocurrencies. The company is registered as a cryptocurrency service provider with the Dutch Central Bank and has over 600,000 customers in the Netherlands and other European countries.

Kraken CEO David Ripley said that the acquisition of BCM will enhance Kraken’s product offering and customer experience in Europe. He praised the Netherlands as a country with a high level of crypto adoption, a strong economy and a culture of innovation.

“Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward,” Ripley said.

BCM co-founder and CEO Mitchell Zandwijken said that he was excited to join forces with Kraken and leverage its expertise and resources to grow the business. He said that BCM’s existing customers will benefit from Kraken’s investment and innovations that are set to come from the acquisition.

“Kraken is known for its high standards of security, reliability and customer service. We share the same vision and values and look forward to working together to bring crypto to the masses,” Zandwijken said.

The deal comes at a time when the European Union is developing its regulatory framework for crypto assets, known as MiCA. Kraken said that it welcomes the clarity and certainty that MiCA will bring to the industry and that it is committed to complying with all relevant regulations in Europe.

Kraken, which was founded in 2011, is one of the largest and most popular crypto exchanges in the world. It has over 7 million customers across 190 countries and supports more than 60 cryptocurrencies. It also offers various products and services such as futures, margin trading, staking, OTC desk, Kraken Pro mobile app and Kraken Intelligence research.

Kraken has been expanding its presence and operations in Europe in recent years. It has acquired VASP licenses to operate in Ireland, Italy and Spain and has established offices in London, Berlin and Dublin. It also supports several fiat currencies such as euro, pound sterling, Swiss franc and Polish zloty.