Yesterday, the Kraken exchange announced that it acquired the Bit Trade service.
Bit Trade has been the benchmark for Australian crypto traders operating in the industry since 2013, with several assets to its credit. Bit Trade allows buying several cryptocurrencies such as BTC, ETH, XRP and LTC, and provides a service for paying in over 19 thousand shops using crypto assets.
As a result of Kraken acquiring this service, the renowned exchange becomes a reference point in the Australian territory with a significant liquidity of dollars, which will allow interacting with both normal users and institutional investors.
Australia also represents a strong point of support for the APAC (Asia-Pacific) regions in order to reach other countries that are not covered by this type of services. It is worth mentioning that Kraken also features a large OTC (Over The Counter) desk as a result of the acquisition of the Circle Trade desk.
The acquisition also foresees the transfer of the previous Bit Trade team, led by Jonathan Miller, who will become the managing director for Kraken in Australia, whereas the offering will be expanded with:
- A multi-exchange aggregator that combines several trading platforms into a single interface to provide the client with the best trading price;
- the largest OTC desk in Australia where traders can move large amounts of capital and crypto without compromising the market.
This is a significant expansion that hasn’t deterred the exchange despite the government’s pressure on their clients’ data, which has resulted in a greater load to bear to ensure greater transparency and collaboration with the US government.
Certainly, it could be good news for Australia to expand the blockchain and crypto culture. The latest adverse events that have hit the continent have seen cryptocurrencies being used as a source of donation to fight the fires.