Kraken Acquires Interchange to Attract Hedge Funds and Traders to Crypto Marketplace
- Cryptocurrency exchange Kraken acquires Dan Held’s Interchange that serves over 60 institutions
- Interchange is the latest addition in Kraken’s acquisition spree
San Francisco-based cryptocurrency exchange Kraken has announced the acquisition of Interchange, an accounting, reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers, and fund administrators.
Co-founded by Dan Held and Clark Moody, Interchange improves institutional investors' access to the cryptocurrency market. The platform serves more than 60 institutions including hedge funds and fund administration.
— Dan Hedl (@danheld) July 31, 2019
Held will join Kraken as the Director of Business Development working across all Kraken products.
With this acquisition, Kraken moves one step further to create a best-in-class platform and supporting the adoption of cryptocurrencies among individuals, traders, and institutions globally.
About this partnership, Jesse Powell, Kraken CEO had this to say,
“I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken.”
“What’s great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer,”
This is not the only but just the latest investment of Kraken which seems to be on an acquisition spree.
Earlier this month, it purchased Cryptofinance, a software tool that provides access to market data from over 50 exchanges.
Before this, Kraken made its largest acquisition in the form of Crypto facilities, now known as Kraken Futures.