Bitcoin Exchange Kraken Announces Major Acquisitions

Kraken, a Bitcoin exchange based in San Francisco, has announced the acquisition of Coinsetter and Cavirtex. Coinsetter was founded in 2012, and has raised in excess of $2 million from various VC investors over the past several years.

Cavirtex is one of Canada’s most prominent digital currency exchanges. The acquisition gives Kraken access to all current clients of Cavirtex.

“Client accounts of both exchanges will be automatically transferred to Kraken’s cutting edge, low fee platform on January 26, 2016.”

All clients will be given free USD/CAD deposits until the 1st of March, “To celebrate the acquisition and US expansion, through March 1, 2016 all American and Canadian clients, including Canadians living abroad, will enjoy free deposits on Kraken’s trusted, next-generation bitcoin exchange.”

Kraken currently operates in 37 states, but has decided to not accept clients from New York due to the requirements of the BitLicense. Jesse Powell, CEO of Kraken, lamented on the importance of the acquisition and what it means for the Kraken brand on a global scale:

“The consolidation of these three veteran giants is the largest exchange deal to date. Combined, we represent over thirteen years of bitcoin exchange experience in an industry that is only seven years old. Kraken has big, exciting plans for 2016. This year we will fully leverage what we’ve built as the world’s most trusted and secure bitcoin exchange. “

Source: http://blog.kraken.com/post/137608673157/kraken-acquiring-coinsetter-and-cavirtex-to-expand

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