Bitcoin Exchange Kraken Acquires Dutch Cryptocurrency Exchange BCM
American Bitcoin Exchange Expands its Operations
Bitcoin Meester, now known as BCM, one of the prominent cryptocurrency exchanges in the Netherlands, has been acquired by the San Francisco-based Kraken. Kraken, one of the oldest exchanges in the industry, aims to elevate its operations in Europe through this deal.
The Rebranding of Bitcoin Meester
Earlier this year, the well-known Bitcoin Meester underwent a complete rebranding process and emerged as BCM. Established in 2017, the platform has become a leading player in the Dutch crypto landscape. As a registered exchange with De Nederlandsche Bank, BCM provides customers access to a wide range of over 170 cryptocurrencies.
The Expansion Strategy of Kraken
Kraken, as an established player in the digital asset world since 2011, recognizes the potential opportunities in the European market, particularly with the forward-looking Markets in Crypto-Assets (MiCA) legislation. Therefore, the exchange has been actively pursuing an expansion strategy in Europe, which includes the acquisition of BCM.
In a press release, David Ripley, the CEO of Kraken, expressed his thoughts on the acquisition:
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“The Netherlands has one of the most advanced economies globally, with an established culture of innovation and a high level of crypto adoption. This makes it an important market for us in our European expansion plans. The acquisition of BCM will provide Kraken with a significant presence in the Dutch market and offer BCM’s customers an even more robust product offering.”
Although the financial details of the deal have not been disclosed, BCM’s customers can expect to benefit from Kraken’s continuous investment and innovation in the crypto space. BCM was founded with the aim of making digital assets accessible to everyone, and this acquisition will contribute positively to that mission.
European Crypto Regulation
Kraken’s decision to expand its presence in Europe aligns with the establishment of the European MiCA legislation. The European Union has worked for a long time on the MiCA law, which provides a comprehensive regulatory framework for digital assets in Europe. Finally, in June of this year, the legislation was signed into law.
This development allows industry players to invest confidently in the region and offer consumers access to more competitive products and services. Kraken aims to grow its operations in compliance with the MiCA legislation. In addition to the virtual asset service provider (VASP) registrations in Ireland, Italy, and Spain, Kraken actively seeks registrations in other European markets.
The acquisition of BCM by Kraken marks a significant step for both exchanges. Kraken’s entry into the Dutch market will strengthen its position in Europe, while BCM’s customers can expect a wider range of products and services as a result of this deal. With the MiCA legislation in place, Kraken’s expansion plans align with the regulatory framework, demonstrating its commitment to operating within the rules and regulations of the European crypto landscape.