Kraken, a US-based cryptocurrency exchange, announces its acquisition of Netherlands-based Coin Meester B.V. (BCM), signaling a strategic move into the European market after obtaining VASP licenses in multiple countries.
Kraken, the US-based cryptocurrency exchange, has unveiled its strategic plan to acquire Netherlands-based cryptocurrency exchange Coin Meester B.V. (BCM), marking a significant step in its expansion into the European market. This move comes in the wake of the European Union’s introduction of the Markets in Crypto-Assets (MiCA) regulatory framework, providing a structured legal framework for cryptocurrency businesses within EU member states.
With virtual asset service provider (VASP) licenses already secured in Ireland, Italy, and Spain, Kraken now sets its sights on the Netherlands, a nation known for its robust economy and enthusiastic cryptocurrency adoption. David Ripley, CEO of Kraken, highlighted the Netherlands’ innovative culture and economic strength as key factors behind this expansion through the acquisition of BCM. He emphasized that this move would strengthen Kraken’s position in the Dutch market and enhance the product offerings for BCM’s existing clientele.
Mitchell Zandwijken, co-founder and CEO of BCM, expressed optimism about the future under Kraken’s leadership, citing Kraken’s pioneering status and impressive track record in the cryptocurrency industry spanning over a decade. BCM, formerly known as Bitcoin Meester and established in 2017, provides a platform for cryptocurrency trading and staking, offering access to over 170 cryptocurrencies while adhering to regulatory compliance standards.