Cryptocurrency exchange Kraken has announced the expansion of its cryptocurrency services to Germany as part of its overall European expansion strategy.
Kraken has reached an agreement with BaFin-licensed DLT Finance, a brand of crypto service providers DLT Securities GmbH and DLT Custody Gmbh, to enable digital asset processing for users in Germany.
"Today, we are doubling down on our European expansion strategy by announcing a new strategic partnership that will allow us to actively expand our product offering in Germany, a key market for cryptocurrency adoption in Europe," crypto exchange Kraken said.
Starting July 10, 2024, Kraken plans to offer German users access to a range of innovative crypto products through a special offer powered by DLT Finance.
DLT Finance is the brand of leading crypto service providers DLT Securities GmbH and DLT Custody GmbH, both licensed by BaFin, which provide prime brokerage services for digital assets and cryptocurrency custody services. Once the partnership is up and running, DLT Finance will provide localized expertise and infrastructure to provide secure and compliant crypto services to millions of Germans.
This year, Germany and Europe have been identified by Kraken as key targets for cryptocurrency adoption. In Germany, investors have shown the most interest in Bitcoin (BTC) halving, and the cryptocurrency sector is dominated by European providers.
With over 5% of Germans already holding crypto assets, Kraken has prepared an innovative product package for customers in Germany, as well as client support in their language.
Kraken CEO David Ripley commented, "With this partnership, German clients will be able to access cryptocurrencies with the confidence that they are trading with a best-in-class offering as Germany transitions to a new pan-European regulatory framework."
Marius Sewing, Co-Founder and CEO of DLT Finance, said, "An integral part of our services is to provide a fully regulated financial market infrastructure for the brokerage and custody of digital assets, available to leading industry partners. This partnership is in line with DLT Finance's mission to drive the regulated and compliant adoption of digital assets in the EU. We are delighted to be working with Kraken and look forward to improving the digital asset adoption landscape together.
Kraken's cryptocurrency exchange has previously developed a strategy to reach European users with its business. Specifically, Kraken received an Electronic Money Institute (EMI) authorization from the Central Bank of Ireland in 2023 and registered as a Virtual Asset Service Provider (VASP) in Ireland, Italy, Spain, and Belgium.
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