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Cryptocurrencies

Kraken buys futures trading startup Crypto Facilities

Tuesday 5 February 2019 | 12:58 PM CET

Kraken, a cryptocurrency exchange, has officially acquired Crypto Facilities, a regulated futures trading startup, in an undisclosed deal valued at least USD 100 million.

The acquisition will enable Kraken customers to spot trade, as well as open positions offering exposure to the future price movements of cryptocurrencies, all through a unified trading interface.

The merger would accelerate the exchange’s roadmap, enabling the US-based exchange to obtain the licenses and approvals necessary to offer a competing service in Europe. Founded in 2014, Crypto Facilities is registered with the UK Financial Conduct Authority (FCA), and the recently announced deal has been approved by the regulator, the parties involved said for CoinDesk.

Moreover, as a result of the acquisition, customers will be able to trade futures on nights and weekends, extending beyond the 9-to-5 trading hours of current US-based offerings.

In addition to offering cash-settled futures trading for Bitcoin, Bitcoin Cash, XRP, Litecoin and Ether trading pairs, Crypto Facilities provides data to the CME CF Bitcoin Reference Rate, an index created in collaboration with CME Group. The index powers that entity’s US futures offering, a relationship that will continue following the acquisition.

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