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U.S.-based crypto alternate Kraken has acquired Australia’s oldest crypto alternate.
In a current growth, Kraken introduced its acquisition of Bit Commerce, an Australia-based crypto alternate shaped in 2013, in a Jan. 14 press launch on Kraken’s weblog.
The Bit Trades web site will, in the meanwhile, nonetheless function because it does presently, a consultant from Kraken clarified to Cointelegraph, together with sustaining the prevailing employees. A consultant stated:
“Within the brief time period, Bit Commerce will proceed below its present model and function enterprise as normal. As a part of the acquisition we’re happy to welcome the Bit Commerce group led by Jonathon Miller who will likely be Managing Director for Kraken in Australia.”
Wanting towards the outback
By bringing Bit Commerce into the fold, Kraken will look to turn into the go-to crypto buying and selling resolution in Australia — a area that has proven vital curiosity and enlargement within the crypto house, the press launch famous.
Kraken plans to host buying and selling liquidity for Australia’s greenback (AUD) and cater to retail and institutional gamers, the discharge added. Moreover, the acquisition provides to Kraken’s over-the-counter (OTC) buying and selling capabilities.
Meshing the 2 operations
The acquisition will lead to one interface which harnesses a number of exchanges, giving prospects an improved total product, Kraken defined in its launch.
Australian customers can now additionally entry Kraken’s sizable OTC market on account of the Bit Commerce buy.
Kraken introduced its buy of one of the outstanding OTC buying and selling operations within the crypto house — Circle’s OTC desk — in December 2019 as Circle shifted focus to its stablecoin, USD Coin (USDC), based on a Cointelegraph report.
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