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Kraken purchases CleverCoin, thus consolidating its place as the top exchange in Europe

Kraken purchases CleverCoin, thus consolidating its place as the top exchange in Europe

During the last couple of months, Kraken has managed to become the largest cryptocurrency exchange in Europe, with tens of thousands of people exchanging bitcoin and other currencies on a daily basis.

According to recent reports, Kraken has just acquired the Dutch Bitcoin exchange known by the name of CleverCoin. This move will allow the company to further consolidate its place in Europe, with CleverCoin being the third exchange to be wholly swallowed by Kraken this year, after Coinsetter and Cavirtex which were both acquired less than six months ago.

Kraken cryptocurrency exchange

While the terms surrounding the deal were not announced, the purchase of CleverCoin will likely bring in thousands of more clients on a monthly basis, thus further consolidating the company’s dominating position in the region. For those who do not know, Kraken was founded back in 2011, and it represented the first Bitcoin exchange to have its exchange data displayed over on the Bloomberg Terminal.

In a recent statement, the CEO of Kraken, Jesse Powell, said that he plans to place the CleverCoin brand, directly under the Kraken global umbrella. In turn, this will give existing clients of the company full access to the suite of features that the exchange provides. Reports indicate that CleverCoin clients and their accounts will be transferred onto the Kraken platform starting on the 29th of June 2016.

Powell has also stated that "In record time, the digital currency industry has matured. Our M&A plans have been accelerated by encouraging news throughout the industry. Prices are rising, the regulatory picture is rapidly clarifying, and clients from around the globe are joining us in record numbers. The acquisition of CleverCoin will empower Kraken with greater liquidity and a significantly expanded customer base in Europe, our flagship market."

Judging by the fact that most of the CleverCoin clients reside in European countries, this will likely have a positive impact on Kraken’s euro trading pairs. While the average volume being traded in these pairs has been growing at a rapid rate since April, the company expects to see an even larger increase during the next couple of weeks.

The CTO and co-founder of CleverCoin, Karsten Nilsen said that: "Kraken is the ideal custodian for CleverCoin going forwards. They are, by every measure, the largest Bitcoin and digital asset exchange in Europe and our core beliefs are perfectly aligned. As of today, CleverCoin clients will have seamless access to all the features and benefits of Kraken's global brand, including the ability to trade many of the most popular currency pairs, the latest technology, the most advanced security, and faster Single Euro Payments Area (SEPA) transfers."

Based on everything that has been outlined so far, what do you personally think about Kraken’s newest purchase? Will their constant purchases turn them into the world’s biggest exchange? Let us know your thoughts in the comment section below.

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