Kraken Recruits OTC Trading Expert For Its Newly Acquired Kraken Futures
It is only a matter of time before the San Francisco-headquartered Bitcoin and cryptocurrency exchange’s new futures trading arm, Kraken Futures, reaches greater heights. Their newest recruit, Kevin Beardsley, formerly an MD at B2C2, is the man many have vouched to steer the platform to success.
Kraken is targeting the UK where Beardsley, its head of business development, is eager to establish their base in the region. Kraken Futures was acquired in February, but has since registered tremendous growth in sales volumes. From March to June, the firm’s total volume shot from $1 billion to $2.5.
It Was Previously Known As Crypto Facilities
Before its recent acquisition, Kraken Futures was known as Crypto Facilities. But with its new owners, the firm is now tipped to leverage the popular perpetual swaps and sell massive trading firms across Europe. Perpetual swaps were first used by BitMEX, but it is Kraken that is now associated with them.
But for Kraken Futures and their new head, the going is bound to get tougher and tougher. Bitfinex, Binance and Huobi are already planning to roll out their own versions to rival Kraken’s, although Beardsley looks ready to face them. He is eager to use the platform’s exclusive fee structure and trading infrastructure to stay ahead of the competition.
Kraken Futures is many people’s go-to choice, thanks to their attractive rebates that equals 30% of all the fees the platform earns from every trade. In Wall Street, rebates aren’t extraordinary, but they are new in the cryptocurrency front.
The fees paid out to their most active traders sometimes go to as high as $200,000, according to Kraken. Beardsley, however, is happy that these hefty benefits are some of the reasons the platform is still ranked high among potential new clients.
Kraken’s state-of-the-art crypto native business, according to Beardsley, is because of their crypto infrastructure. To him, anyone wishing to store and manage BTC on Kraken is sure that everything will be done “accurately” and ‘securely.”
Furthermore, Kraken Custody provides a safe haven for professional traders wishing to keep their funds in the derivatives platform.
Beardsley Banking on His Extensive Experience
Kevin Beardsley is no stranger in the crypto space. He has been around for a while, especially in the exchange trading sector. He headed the business development docket of the crypto asset investment company, Elwood Asset Management, before his brief stint at cryptocurrency OTC desks, B2C2.
It is the experience earned while working in the other entities that, however, give him the confidence that he’ll suitably fit in his new role. He says he has a great understanding of what the market is lacking and knows how he’ll meet the clients’ needs.