Kraken Expands Its Reach By Acquiring Australian Crypto Exchange Bit Trade

Kraken, the US-based cryptocurrency exchange just completed its acquisition of Bit Trade, one of the first crypto exchanges in Australia.

A press release sent out by Kraken to news organizations on January 14th indicates that it just recently purchased Bit Trade. Bit Trade happens to be one of the oldest cryptocurrency exchanges in Australia, which was launched in 2013.

At the moment, it’s expected that the official Bit Trade website will still continue trading and operating in the same manner that it has since its inception. A Kraken company representative explained this development to Cointelegraph and went on to note that:

“In the short term, Bit Trade will continue under its current brand and operate business as usual. As part of the acquisition, we are pleased to welcome the Bit Trade team led by Jonathon Miller who will be Managing Director for Kraken in Australia.”

Bit Trade Acquisition by Kraken

By taking over Bit Trade, Kraken is repositioning itself to become the leading cryptocurrency solution in the Australian market. The press release by Kraken went on to state that this is an area of the world that has continued to show a lot of potential for growth and expansion.

Bit Trade’s new owners are looking to cater to both institutional and retail traders, even as they begin hosting trade liquidity that will be pegged on the AUD (Australian dollar). In addition, this new acquisition by Kraken has also helped to add on to Kraken’s OTC (over the counter) trading abilities.

Joining the Two Company Operations

This new development will eventually lead to the merging of the two company’s operations. Kraken went on to explain that harnessing the operation of its various exchanges means that its clients will now be provided with a more enhanced product.

The Bit Trade purchase also means that clients in the Australian market are now in a position to access the sizable OTC products being offered by Kraken. Kraken had in late December announced that it had taken over Circle’s OTC desk.

This came about as the latter chose to move its operations to USDC (stablecoin, USD coin).

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Daniel W
Daniel W
Daniel Wambugu writes daily cryptocurrency and blockchain related articles BitcoinExchangeGuide. His articles have appeared in numerous blogs, media publications, and community forums. He prides himself on once being a beginner and uses his experience to deliver high-quality insightful content for our dear readers. With a knack for reviewing ICOs or researching news, Daniel plans to continue being a top contributor for many years to come.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

People's Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People's Bank...

Indian Crypto Exchange, Pluto, Pulls An Exit Scam on Investors; Making Off With $270K

A Delhi-based crypto exchange, Pluto, has allegedly exit scammed and stolen about $270,000 worth from 43 investors. The local reports suggested that the Economic...

Bitcoin Mining Legalized in Venezuela But Being Centralized with National Digital Mining Pool

Venezuela has fully legalized bitcoin mining. According to a recent decree from the National Superintendency of Crypto Assets and Related Activities (SUNACRIP), the use,...

China Blacklists Crypto OTC Trading Desks With A Five-Year Banking Ban As Punishment For Illegal Acts

PBoC blacklists crypto OTC traders in its latest efforts to crack down on money laundering. This has caused several OTC trading desks to...

Cryptocurrency Community Makes a Shift; Betting Big on Non-Fungible Tokens (NFTs)

DeFi continues to rage, approaching a $10 billion peak. But the latest talk of the town is NFT. In 2017, it was CryptoKitties; this...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today