Kraken, the Dutch exchange BCM, is set to get its eyes on European expansion

US-based exchange Kraken has announced a pending deal to acquire Netherlands-based cryptocurrency exchange Coin Meester BV (BCM) as it sets its sights on European expansion.

Although the financial details of the deal were not disclosed, Kraken and BCM announced the upcoming acquisition following the implementation of the EU Markets in Crypto-Assets (MiCA) regulatory framework.

Kraken's announcement highlights its plans to grow the business across Europe, having secured Virtual Property Service Provider (VASP) licenses to operate in Ireland, Italy and Spain.

Kraken CEO David Ripley's statement highlighted the strength of the Dutch economy, the high level of cryptocurrency adoption and the culture of innovation as driving factors for establishing a base of operations in the country.

“BCM's acquisition gives Kraken a significant presence in the Dutch market and allows BCM's customers to benefit from a stronger product offering.”

According to BCM founder and CEO Mitchell Zandwijken, the existing customer base will benefit from Kraken's investment and innovations from the acquisition.

“Kraken is a pioneer in this field and has a solid track record spanning more than a decade, making it a perfect fit for our business going forward.”

BCM, recently named Mr. Bitcoin, was founded in 2017 and offers cryptocurrency trading and trading services, including access to over 170 cryptocurrencies.

The company is registered as a Dutch cryptocurrency service provider by De Nederlandsche Bank, the country's central bank. Both companies understand that the deal is subject to regulatory approval, which includes approval from the Dutch central bank.

Cointelegraph has reached out to Kraken and BCM for comments on the acquisition.

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