US-based Kraken exchange has Announce A deal is pending to acquire Netherlands-based cryptocurrency exchange Coin Meester BV (BCM), as it sets its sights on European expansion.
While the financial details of the deal were not disclosed, Kraken and BCM announced the upcoming acquisition following the European Union’s implementation of the regulatory framework for cryptoasset markets (MiCA).
Kraken’s announcement highlights its plans to grow its business across Europe, having secured virtual asset service provider (VASP) licenses to operate in Ireland, Italy and Spain.
A statement from Kraken CEO David Ripley highlighted the strength of the Dutch economy, high level of cryptocurrency adoption and culture of innovation as driving reasons for looking to establish a base of operations in the country.
“The acquisition of BCM will give Kraken a significant position in the Dutch market and will allow BCM customers to benefit from a more robust product offering.”
BCM co-founder and CEO Mitchell Zandviken said its existing customer base will benefit from Kraken’s investments and the innovations that are set to come from the acquisition.
“Kraken is an industry leader with a proven track record spanning more than a decade, making them the ideal agent for our business moving forward.”
BCM, recently rebranded from Bitcoin Meester, was established in 2017 and offers cryptocurrency trading and mortgage services, including access to over 170 cryptocurrencies.
The company is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the country’s central bank. Both companies NB The deal is subject to regulatory approval, which will include approval from the Dutch Central Bank.
Cointelegraph has reached out to Kraken and BCM for comment on the acquisition.
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