Kraken Aims for European Expansion: BCM Broker Acquired

The cryptocurrency exchange Kraken, one of the best-known and most popular, mainly due to its more than ten years of experience in buying and selling Bitcoin, has been strategically expanding in Europe for some time now. The market on the old continent is tempting numerous US players, and Kraken is one of them. The platform had already acquired CleverCoin, a Dutch site, in 2016, during its first expansion period. Now it is returning to the charge, again targeting the Netherlands: the absorption of broker BCM is now practically a done deal.

Acquisition of Relief

The finalisation of the acquisition of Coin Meester, also known as BCM, one of the leading Dutch crypto brokers and the industry's doyen, since the foundation dates back to the beginning of cryptocurrency history, was announced by Kraken on Tuesday 24 September.

The deal is part of the crypto exchange's broader growth strategy in Europe. Kraken has already acquired two state licences as a virtual asset service provider (VASP) in France and Poland, allowing it to operate within the regulatory framework of finance in those countries. It will now also have a stable presence in the Netherlands. It will, in all likelihood, become an important presidium, given the high popularity BCM has always enjoyed.

Kraken Sees Great Possibilities in Europe

Kraken enthusiastically announced the acquisition. According to Brian Grahan, managing director of the exchange in Europe, the acquisition represents a milestone in its efforts to expand its European catchment area. In announcing the absorption of BCM, the manager wrote:

"We are among the very few in Europe able to combine a global dimension with a compliant offering and a superior experience for all our customers. Every one of our users will benefit from this merger. We will equip them with the superior trading and investment experiences needed to unlock the full potential of cryptocurrencies."

The timing of the acquisition is strategic. In a few months, in fact, as we know, the first comprehensive European regulatory framework dedicated to the cryptocurrency sector, the so-called MiCA, Markets in Crypto-Assets Regulation, will come into force.

Will Kraken's Growth Affect Europeans' Relationship with Cryptocurrencies?

When a platform with Kraken's firepower bursts onto a not entirely new, but still not very optimised market like the European cryptocurrency market, one wonders what its presence will entail in the near future. Is it possible that the exchange's entry onto the stage of Europe's financial dynamics will bring investors on the old continent closer to cryptocurrencies?

We would say yes. Probably almost nothing will change in the immediate term. However, we expect Kraken to launch a major promotional strategy soon, in order to attract customers and consolidate existing ones, and, as a result of this campaign, individuals and corporations will begin to really evaluate the digital assets offered by this exchange, as well as those offered by its competitors.

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