Kraken Plans to Expand into Germany as Part of European Growth Strategy

Kraken Exchange

Kraken, a well-known crypto trading platform, shared exciting news today. They’re expanding their services to Germany as part of their bigger plan to grow in Europe. This expansion is happening in partnership with DLT Finance, a trusted financial institution that handles digital assets.

Kraken wants to offer a variety of new crypto products customized specifically for people in Germany. This move is all about reaching more customers globally. Let’s dive deeper into the details of their official announcement.

Kraken’s Expansion into Germany

In its latest official statement on May 6, Kraken announced a significant step in its expansion plans by partnering with DLT Finance to enter the German market. This move is scheduled to unfold starting July 10, 2024, with the introduction of a range of crypto-related services across the nation.

DLT Finance, a subsidiary of the reputable BaFin-licensed crypto services provider DLT Securities GmbH and DLT Custody GmbH, is set to play a pivotal role in reshaping the German crypto landscape.

Upon the launch of this partnership, DLT Finance aims to provide specialized expertise and infrastructure tailored to the needs of millions of Germans, ensuring secure and compliant crypto services.

David Ripley, CEO of Kraken, highlighted the significance of collaborating with industry leaders to drive global crypto adoption. With already over 5% of Germans owning crypto assets, Kraken is optimistic about the potential of its innovative product offerings. Ripley emphasized the importance of localized client support in attracting new customers, especially as cryptocurrency gains traction across Europe.

Kraken Expands Presence in Europe

Kraken continues its European expansion with the acquisition of a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB). This significant milestone aligns with Kraken’s strategy to broaden its reach in Europe, granting the company the legal authorization to deliver its high-quality crypto services to residents of the Netherlands.

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The attainment of the VASP registration underscores Kraken’s commitment to regulatory compliance and underscores its dedication to offering secure and reliable cryptocurrency services within the European market.

The move by Kraken to expand its operations in Europe further amplifies the competitive landscape among leading cryptocurrency exchanges worldwide. As companies vie for market share and seek to establish dominance in key regions, the rivalry between prominent exchanges is becoming increasingly pronounced.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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