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Kraken Gets Access to Over 60 Institutions in New Deal This Year
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Kraken Gets Access to Over 60 Institutions in New Deal This Year

by Raphael PutongJuly 31, 2019

Jesse Powell, Kraken CEO. Source: a video screenshot, Youtube, Real Vision Finance

San Francisco-based major cryptocurency exchange Kraken said it acquired Interchange, a company that enables institutional investors to “better monitor and report their cryptocurrency holdings.”

“The transaction creates the world’s first end-to-end crypto trading and reconciliation platform, and brings Interchange co-founders and well-respected crypto veterans Dan Held and Clark Moody to Kraken,” the company said without providing any details about the transaction, including whether it is finalized.

The exchange claims that together with Cryptowatch — Kraken’s multi-exchange charting, trading and portfolio-tracking platform — Interchange “will provide investors and traders with an end-to-end solution to manage and optimize their portfolios.”

Interchange offers professional-grade accounting and portfolio reconciliation tools for digital asset markets.

According to Kraken, in less than a year, Interchange increased its client portfolio to over 60 institutions, including hedge funds and fund administrators, such as MG Stover, “the world’s largest fund administrator for digital asset funds.”

Earlier in July, Kraken announced the acquisition of Cryptofinance.ai, a software tool that provides access to prices and market data from more than 50 exchanges, while in February ir acquired Crypto Facilities (now – Kraken Futures).

The exchange claims it has more than 4 million users, while it 2018 it processed nearly USD 90 billion in volume and its OTC (over-the-counter) desk handled over USD 2 billion in trades.

As reported, competition among cryptocurrency exchanges is heating up, as major crypto wallet provider, Blockchain, announced its own trading platform yesterday, while trading started on the decentralized exchange built on EOS, called eosfinex, and bitFlyer launched a new platform for their European clients.

Via cryptonews.com

About The Author
Raphael Putong