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Cryptocurrencies

Kraken acquires Dutch Bitcoin exchange CleverCoin

Tuesday 28 June 2016 | 11:56 AM CET

Kraken, a San Francisco-based digital currency exchange, has acquired Dutch exchange CleverCoin to expand its customer base in Europe. 

Earlier in 2016, Kraken has purchased Coinsetter, New York-based, which had acquired Canadian Bitcoin exchange CAVirtex in 2015.

The integration of CleverCoin’s services and its customer base into Kraken’s platform is set to take place on June 29th. The terms of the deal were not disclosed. While Kraken is acquiring the assets and customer base of CleverCoin, the team behind the exchange isn't carrying over to the new owners, according to coindesk.com.

CleverCoin was founded in early 2014. The company worked on expanding its services to move past its initial market in The Netherlands, looking to capture greater market share in Europe.

Blog posts on CleverCoin’s website suggest that the acquisition was motivated, at least in part, by past issues with a payment processor they were using, the site continues.

In April 2016, the exchange announced that it had stopped processing orders, and later that month it was still working on the problem. In June 2016, the company said that it had “found a solution”.

More: Link
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