Kraken acquires Australian crypto exchange Bit Trade


Kraken, one of the largest US cryptocurrency exchanges is expanding. It has completed the acquisition of one of Australia’s first crypto exchanges (launched in 2013) – Bit Trade. The information comes from an official press release sent out by Kraken.

According to press, Bit Trade’s website will continue to operate in its usual manner since its inception and no changes are expected. A representative from Kraken shed some light on the upcoming development of Bit Trade and the acquisition:

In the short term, Bit Trade will continue under its current brand and operate business as usual. As part of the acquisition, we are pleased to welcome the Bit Trade team led by Jonathon Miller who will be Managing Director for Kraken in Australia.

By acquiring Bit Trade, Kraken is expanding its presence globally and becoming a leading crypto player in Australia. According to Kraken, Australia is one market that has huge potential for expansion and growth.

Kraken is looking to offer services to both retail and institutional traders, and are beginning to host trade liquidity pegged to the Australian dollar (AUD). Not only does the acquisition help with Kraken’s geographical strategic goals, but it also helped to add on to the exchange’s OTC trading capabilities.

The US-based crypto exchange shared that Bit Trade and Kraken will merge operationally. For Kraken’s clients, this expansion and the fact that Kraken operates several exchanges means that its clients will be able to enjoy a more enhanced product offerings.

From the perspective of the Australian market, clients will be able to access a larger OTC product base that is currently offered by Kraken. One thing to remember is that at the end of 2019, Kraken announced it had acquired the OTC desk of Circle. Kraken has engaged in a number of acquisition activities, especially in 2019 and 2017.

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