Kraken has unveiled its latest strategic move aimed at bolstering its presence in the European market. The company has announced a new partnership designed to facilitate the expansion of its product offerings in Germany, a pivotal market in the region for crypto adoption.
Forging Partnership to Enhance Crypto Services in Germany
Scheduled to commence around July 10, 2024, this collaboration will enable Kraken to provide German clients with access to a diverse range of innovative crypto products. The partnership will leverage the expertise and infrastructure of DLT Finance, a subsidiary of DLT Securities GmbH and DLT Custody GmbH, both licensed by BaFin, Germany's financial regulatory authority. DLT Finance specializes in digital asset prime brokerage and crypto custody services, ensuring secure and compliant transactions for millions of potential users in Germany.
“Collaborating with industry-leading partners is a vital component of our mission to accelerate the global adoption of crypto. Over 5% of Germans already own cryptoassets, and we’re confident our innovative product suite – along with excellent local language client service support – will be attractive to prospective clients as crypto continues to become more mainstream across Europe,'' said Kraken CEO David Ripley.
Acquisition and Regulatory Compliance
This strategic move aligns with Kraken's European growth strategy. Notably, the company announced its intention to acquire Dutch crypto broker Coin Meester B.V., indicating its commitment to scaling its operations across the continent while adhering to regulatory requirements.
Kraken's European expansion efforts have been characterized by a series of achievements, including obtaining an E-Money Institution authorization from the Central Bank of Ireland and securing registrations as Virtual Asset Service Providers in multiple European countries. The company's registration as a Crypto Service Provider in the Netherlands further underscores its focus on complying with regulatory frameworks as it expands its footprint in the region.
