Kraken Slowly Continues to Build its Cryptocurrency Empire
Most of the developments in the crypto industry appear to go by unnoticed. Kraken has been on a very aggressive acquisition spree throughout 2019.
The most recent acquisition comes in the form of Circle Trade.
Kraken Keeps Picking up Smaller Companies
Prior to that development, however, Kraken had already taken control of three other firms. This is a very remarkable development in an industry that has seen nothing but bearish market pressure, for the most part. Given how Kraken remains one of the top trading platforms globally, strengthening its position is crucial. The earlier purchase of Crypto Facilities, Cryptofinance, and Cryptofacilities has not received that much attention. It would appear that the company is actively betting on multiple horses.
Circle Trade is a way to strengthen Kraken’s OTC trading presence in Asia. Crypto Facilities provides derivatives trading, another industry that has proven to be of great interest. Cryptofinance specializes in accounting and reconciliation, which helps the company cater to institutional-grade clients. By going after these different companies, Kraken is slowly building up its crypto empire. Considering how the company can make these moves during another bearish year, it looks even more impressive. Acquisitions can help build a bigger and better cryptocurrency ecosystem on a global scale.
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