The U.S. based Kraken crypto exchange has acquired the oldest crypto exchange in Australia. In a recent development, in a Jan. 14 press release on Kraken’s blog, Kraken announced its acquisition of Bit Trade, an Australia-based crypto-exchange founded in 2013.
For the time being, the Bit Trades website will still run as it currently does, a Kraken spokesperson has explained, including retaining the existing staff.
A spokesperson said, Bit Trade will proceed under its new name in the short term and will run as usual. They are pleased to welcome as part of the acquisition of the Bit Trade team led by Jonathon Miller who will be Managing Director for Kraken in Australia.
Towards the outback
By bringing Bit Trade into the fold, Kraken would look to become Australia’s go-to crypto-trading option, an area that has shown significant interest and growth in crypto-space, the press release stated.
The release added Kraken plans to host liquidity trading for Australia’s dollar (AUD) and cater for retail and institutional players. Furthermore, the trade adds to the trading features of over-the-counter (OTC) Kraken.
The two processes are meshed
The acquisition would result in one interface that will combine multiple exchanges and give customers an improved overall product, Kraken explained in its announcement.
As a result of the Bit Trade acquisition, Australian consumers can now also enter the vast OTC market in Kraken. Kraken revealed in December 2019 that it purchased one of the most influential OTC trading operations in the crypto space Circle’s OTC desk, as Circle transferred its focus to its stablecoin, USD Coin (USDC), according to a study.
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