Cryptocurrency exchange Kraken intends to acquire Dutch company Coin Meester BV (BCM) to expand its presence in Europe.
The deal will give BCM clients access to Kraken's wide range of products, high security standards, and premium 24/7 support service, Business Wire reported.
"The Netherlands has one of the world's most advanced economies, with a well-established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans," said David Ripley, CEO of Kraken.
Kraken's decision to expand its business in Europe is closely linked to the European Commission's establishment of the Markets in Crypto-Assets (MiCA) regulatory framework, which provides a competitive environment and clear regulatory rules.
It is worth noting that the exchange has already secured cryptocurrency licenses in Ireland, Italy, and Spain.
"We'll continue to invest in the expansion of our European business and are well positioned to capitalize on the opportunity for further growth in the years ahead. We have a very compelling value proposition and look forward to serving even more clients across Europe," added Ripley.
The Dutch crypto broker BCM offers a wide range of services, including the buying and selling of over 170 virtual assets.
The acquisition is subject to regulatory approval.
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