Kraken acquires Australian cryptocurrency exchange

Quick Take

  • Kraken has acquired an Australian crypto exchange
  • The purchase of Bit Trade brings Kraken’s total number of public acquisitions to 5 for 2019 and 2020 
advertisement

San Francisco-based cryptocurrency exchange Kraken is expanding into Australia via the acquisition of a domestic crypto exchange, the firm confirmed to The Block. 

The exchange announced Tuesday that it acquired Australia-based Bit Trade, one of the longest-running crypto companies in the country. The deal follows Kraken's acquisition of Circle Trade, which closed at the end of 2019. 

Together, the two acquisitions will allow Kraken to expand its presence into the Asia-Pacific regions of the crypto world.

Bit Trade operates a so-called multi-exchange aggregator, which combines liquidity from several exchanges into one interface. 

As such, the deal will enable Kraken to offer its customers a more robust trading experience, enabling them to route orders to various pools of liquidity, according to Kraken.  

Coinbase held acquisition talks with Tagomi, a prime brokerage firm, in what would have been a similar deal, as The Block first reported. 

The Bit Trade deal brings Kraken's total number of public acquisitions to five for 2019 and 2020. Last year, in a "nine-figure deal," Kraken acquired Crypto Facilities, which it rebranded as Kraken Futures. In total, the firm has publicized 10 acquisitions since its founding.

Following are Kraken's deals from 2019 and 2020:

As part of the Bit Trade acquisition, Kraken is bringing on Jonathon Miller as a managing director for Kraken in Australia. 

Kraken sees $126 million trade on its venue during a 24-hour period

Editor's note: This post has been updated to reflect that Kraken made 10 of its acquisitions public, not 5.  


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The TRON Ecosystem Thrives Amidst Market Chaos

TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain. 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC