Kraken Buys Out Crypto Futures Firm For $100 Million

One of the biggest crypto exchanges in the world, Kraken, has just purchased the crypto futures company Crypto Facilities for around $100 million.

Crypto Facilities has teamed up with Ripple and offers UK traders a fully regulated way to buy crypto futures, this includes Bitcoin, Ethereum, XRP and Litecoin. The San Francisco based crypto exchange said that it acquired Crypto Facilities for at least $100 million - the firm refused to release an exact number in its regards.

Jesse Powell is the CEO of Kraken and has said that the firm plans to expand the platform throughout the rest of this year.

“We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019.”

Kraken says that the acquisition is the biggest in the firm’s history. They stated:

“The nine-figure deal is Kraken’s largest acquisition to date and one of the largest the industry has seen. Kraken’s previous acquisitions include major Bitcoin exchanges Coinsetter, Cavirtex and CleverCoin; the award-winning wallet funding service Glidera; and the popular multi-exchange charting, trading and portfolio tracking platform Cryptowatch.”

Crypto Facilities will stay in the English capital of London where it is fully compliant with the UK’s Financial Conduct Authority. The deal will allow the clients of the Californian company who are located in the UK to gain access to crypto futures.

“The acquisition of Crypto Facilities reinforces Kraken’s commitment to meeting client demand for innovative products and services that complement its core spot exchange and white-glove OTC service. Eligible Kraken clients will gain access to futures on six cryptocurrency pairs, providing a highly efficient way to trade and hedge cryptocurrency in any market environment.”

Three years ago in 2016, Ripple partnered with Crypto Facilities which made it the first derivatives exchange to list regulated XRP futures contracts.

In another big acquisition in the crypto industry, TRON bought peer-to-peer file sharing platform BitTorrent for an estimated $100 million in 2018.

In terms of price, Ripple’s native token XRP is holding strong as the second largest cryptocurrency with a market cap of $12,328,332,777 and a price of $0.29 after seeing a 0.94 percent decrease over the past 24 hours.

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