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Kraken takes over Netherlands-based bitcoin exchange CleverCoin
Posted On 29 Jun 2016
Global digital asset exchange Kraken announced Tuesday it has acquired CleverCoin.
The Dutch bitcoin exchange is the third exchange Kraken has taken over in less than six months. It acquired Coinsetter and CAVIRTEX in January.
Kraken said in a blog post CleverCoin clients will be automatically transferred to its platform today. After the transfer is completed, clients will be directed to Kraken’s website to login, update account information and start trading right away.
Founded in 2013, CleverCoin is a graduate of Boost VC, a renowned accelerator backed by venture capitalists Tim and Adam Draper. One of the first bitcoin exchanges in the Netherlands, CleverCoin was also one of the earliest in Western Europe to concentrate on compliance, provide leveraged trading and foster regulated banking partnerships. After selling CleverCoin, its founders have decided to focus on offering IT business solutions.
CleverCoin co-founder and CTO Karsten Nilsen
“Kraken is the ideal custodian for CleverCoin going forward,” said CleverCoin co-founder and CTO Karsten Nilsen in the blog post. “They are, by every measure, the largest bitcoin and digital asset exchange in Europe and our core beliefs are perfectly aligned.”
Kraken CEO Jesse Powell said in the blog: “The acquisition of CleverCoin will empower Kraken with greater liquidity and a significant expanded customer base in Europe, our flagship market.”
Given that the bulk of CleverCoin’s customers live in Europe, the takeover is expected to have a significant impact on Kraken’s euro trading pairs, according to the blog. Average weekly volume in these pairs has been rising at a quick pace since the third week of April, with more than a four-fold increase in the bitcoin-euro and ether-euro pairs. The ether-bitcoin pair has experienced a nine-fold increase.
In the weeks following its acquisition of Coinsetter and CAVIRTEX on January 19, Kraken saw significant gains in average weekly trade volumes, including bitcoin-USD (13-fold increase), ether-USD (30-fold increase), bitcoin-CAD (50-fold increase) and ether-CAS (six-fold increase).
Image credits:
Kraken logo – Courtesy of Kraken
CleverCoin logo and Karsten Nilsen’s photo – Courtesy of Karsten Nilsen
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