U.S.-based crypto trade Kraken has acquired Australia’s oldest crypto trade. In a current growth, Kraken introduced its acquisition of Bit Commerc
U.S.-based crypto trade Kraken has acquired Australia’s oldest crypto trade.
In a current growth, Kraken introduced its acquisition of Bit Commerce, an Australia-based crypto trade shaped in 2013, in a Jan. 14 press release on Kraken’s weblog.
The Bit Trades web site will, in the meanwhile, nonetheless function because it does presently, a consultant from Kraken clarified to Cointelegraph, noting:
“As of proper now, conserving Bit Commerce web site as is. Workers are Kraken workers.”
Wanting towards the outback
By bringing Bit Commerce into the fold, Kraken will look to develop into the go-to crypto buying and selling resolution in Australia — a area that has proven important curiosity and enlargement within the crypto house, the press launch famous.
Kraken plans to host buying and selling liquidity for Australia’s greenback (AUD) and cater to retail and institutional gamers, the discharge added. Moreover, the acquisition provides to Kraken’s over-the-counter (OTC) buying and selling capabilities.
Meshing the 2 operations
The acquisition will lead to one interface which harnesses a number of exchanges, giving clients an improved total product, Kraken defined in its launch.
Australian customers can now additionally entry Kraken’s sizable OTC market because of the Bit Commerce buy.
Kraken introduced its buy of probably the most outstanding OTC buying and selling operations within the crypto house — Circle’s OTC desk — in December 2019 as Circle shifted focus to its stablecoin, USD Coin (USDC), in response to a Cointelegraph report.