The Kraken crypto exchange, which is based in San Francisco, recently announced that it had bought Bit Trade, a crypto exchange based in Australia. Bit Trade is one of the oldest exchanges in Australia and it has been around for seven years.
The Kraken exchange is one of the oldest crypto exchanges in the world. This acquisition is part of the expansion push into the Australian market. Bit Trade lets users buy, trade, and sell crypto coins such as XRP, BTC, and ETH using the Australian dollar. Australia’s crypto market is considered one of the fastest growing in the world.
In a blog post, Kraken announced that they were aiming to become the top provider of crypto trading services in Australia. Besides that, they would focus on offering the best Australian dollar liquidity in the nation. Since it was founded, Kraken has made numerous acquisitions globally. In 2019 alone, Kraken acquired four crypto exchanges. According to the blog post, this acquisition will expand its presence in the APAC. Besides that, it will help them expand their OTC trading service. In December 2019, Kraken acquired Circle Trade.
New MD Named
Bit Trade has been around since 2013 and was founded by Ronald M Tucker. Jonathan Miller currently heads it. Kraken announced that Jonathan Miller would now be the managing director at the exchange. Some of the services that will be offered include a multi-exchange aggregate that will combine numerous trading platforms into one interface. This will ensure the best price discovery and execution for the users.
Consolidation in the crypto sector is a good thing. It will help to improve liquidity as well as better price discovery for traders. Additionally, it makes regulation of the sector much easier as well as making it much easier for exchanges to lobby for favorable laws in the industry. This could also help to create uniform standards for verifying KYC and AML in the crypto sector. It is much harder to achieve this in a fragmented crypto market with thousands of tiny exchanges operating in the sector.