Digital currency trading platform Kraken inks EU deal with Fidor Bank
09 October 2013 | 12800 views | 0
Payward, the US firm behind digital currency exchange Kraken, has set its eyes on the European market through an exclusive partnership with Germany's Fidor Bank.
Kraken, which exited its beta phases last month, lets users trade between currencies such as bitcoin, Ripple, Litecoin and Ven, as well more traditional options such as dollars and euros.
Although it claims to have enrolled thousands of users since launch, the platform has been restricted in the services it can offer by regulatory issues, particularly in the US.
The Fidor deal gives Payward a licensed, insured, and regulated bank partner. Kraken will become Fidor's exclusive provider of digital currency trading and payment services throughout the EU, except in Germany. Kraken, in turn, will offer Fidor banking services to its EU customers.
Jesse Powell, CEO, Payward, says: "In Fidor Bank we've found our ideal partner: a responsible, forward-thinking financial institution looking to combine the predictability and stability of traditional banking relationships with the social and economic benefits of new digital currencies."
Matthias Kröner, CEO, Fidor, adds: "Digital currencies are emerging as serious and useful alternatives to government-issued currencies. With Kraken, we can enable our customers to trade Bitcoin and other digital currencies just as securely, easily and flexibly as they trade other foreign currencies today."