Kraken, one of the world’s longest-operating cryptocurrency exchanges, today finalized its acquisition of yet another company in the Blockchain industry, this time taking over Interchange, which offers crypto-asset management solutions for institutional players.
Interchange is a joint venture between accounting firm CoinVantage and crypto firm Picks & Shovels. The eight-person company features software products that serves over 60 clients, including fund administrators, hedge funds, and crypto exchanges.
The startup claims to offer the first institutional-grade cryptocurrency portfolio management solution for cryptocurrency hedge funds, asset managers, and professional traders, which have been a blind spot for the cryptocurrency industry.
“Becoming part of the Kraken family will enable us to improve our core portfolio reconciliation product, while creating new possibilities for our clients who will now have easy access to Kraken’s cutting-edge suite of products,” said Dan Held, Co-Founder of Interchange
Kraken continues acquisition spree
Interchange, which has offices in San Francisco, New York, and Denver, automates reconciliation and reporting process, allowing connections to multiple exchanges to collate data and manage portfolios. They’re using AES-26 encryption and have already added multiple exchanges to their interface, with the promise of more to come.
Over the past two years, Kraken has transformed itself into a global crypto powerhouse, establishing its strong presence in both the US and European Bitcoin markets. Once the largest Bitcoin exchange in Europe, Kraken has also been a strong contender in the US market, with around three percent market share.
Kraken acquired various crypto exchanges including Chicago-based non-custodial service Glidera and Dutch Bitcoin exchange CleverCoin.
Commenting on the news, Kraken CEO Jesse Powell said: “I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken. What’s great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer.”
