The Kraken exchange has announced that it has acquired the startup Crypto Facilities which operates a regulated futures trading platform. The value of the acquisition is as high as $100 million.
This acquisition of Crypto Facilities – a platform founded in 2014 and licensed in the UK – will allow Kraken to spot trade, as well as open positions with exposure to future cryptocurrency price movements.
Kraken’s CEO, Jesse Powell, explained that this acquisition of Crypto Facilities will greatly accelerate the exchange’s roadmap, making it easier to obtain the licenses needed to offer an increasingly competitive service.
“The deal brings our total developer team to over 100, and will accelerate Crypto Facilities by enabling us to add more assets. We plan to launch more contracts in the medium-term and Kraken also has plans to launch more assets. The objective we have is to build the most liquid futures exchange”.
Powell and Schlaefer pointed out what the benefits will be for users after this acquisition, one example is being able to trade futures at night and on weekends.
Crypto Facilities currently provides – and will continue to provide – data to the CME CF Bitcoin Reference Rate, an index created with the CME Group.