Kraken Announces Partnership to Enhance Crypto Offerings in German Market

Kraken Announces Partnership to Enhance Crypto Offerings in German Market


Kraken has unveiled its latest strategic move aimed at
bolstering its presence in the European market. The company has announced a new
partnership designed to facilitate the expansion of its product offerings in
Germany, a pivotal market in the region for crypto adoption.

Forging Partnership to Enhance Crypto Services in Germany

Scheduled to commence around July 10, 2024, this
collaboration will enable Kraken to provide German clients with access to a
diverse range of innovative crypto products. The partnership will leverage the
expertise and infrastructure of DLT Finance, a subsidiary of DLT Securities
GmbH and DLT Custody GmbH, both licensed by BaFin, Germany’s financial
regulatory authority. DLT Finance specializes in digital asset prime brokerage
and crypto custody services, ensuring secure and compliant transactions for millions
of potential users in Germany.

“Collaborating with industry-leading partners is
a vital component of our mission to accelerate the global adoption of crypto.
Over 5% of Germans already own cryptoassets, and we’re confident our innovative
product suite – along with excellent local language client service support –
will be attractive to prospective clients as crypto continues to become more
mainstream across Europe,” said Kraken CEO David Ripley.

Acquisition and Regulatory Compliance

This strategic move aligns with Kraken’s European growth
strategy. Notably, the company announced its intention to acquire Dutch crypto
broker Coin Meester B.V.
, indicating its commitment to scaling its
operations across the continent while adhering to regulatory requirements.

Kraken’s European expansion efforts have been characterized
by a series of achievements, including obtaining an E-Money Institution
authorization from the Central Bank of Ireland and securing registrations as
Virtual Asset Service Providers
in multiple European countries. The
company’s registration as a Crypto Service Provider in the Netherlands
further underscores its focus on complying with regulatory frameworks as
it expands its footprint in the region.

This article was written by Tareq Sikder at www.financemagnates.com.



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