Global bitcoin exchange Kraken today announced that they are acquiring major exchanges Coinsetter and Cavirtex.
NYC-based Coinsetter, founded in 2012, is one of America’s most prominent national bitcoin exchanges, and Cavirtex, founded in 2011, is Canada’s first bitcoin exchange with unmatched historical trading volume in the country. With these two acquisitions, Kraken sets the stage for an immediate and significant expansion into the North American market.
Already the world’s largest bitcoin exchange in euro volume and liquidity, Kraken will fully absorb both Coinsetter and Cavirtex brands in the acquisition. Client accounts of both exchanges will be automatically transferred to Kraken’s cutting edge, low fee platform on January 26, 2016. Once the transfer is completed, account holders will be directed to www.kraken.com to login, update account information if needed, and begin trading immediately.
In a related deal, Kraken today announced a partnership with American payment provider SynapsePay to allow rapid, low-fee domestic USD deposits and withdrawals to individual and institutional clients in 37 US states and Washington DC. For the first time, the vast majority of Americans will have access to Kraken’s full suite of advanced exchange services including seamless bitcoin-dollar (XBT/USD) trading.
Canadian clients will be able to deposit and withdraw funds to the exchange through Kraken’s continuing partnership with Vogogo, a leading payments platform in Canada.
Clients across the globe will receive the benefits of Kraken’s leading and ever-improving exchange. Outbound Coinsetter CEO Jaron Lukasiewicz said, "I'm excited what our acquisition by Kraken means for Coinsetter and Cavirtex customers, who will all benefit from Kraken’s leading platform, global team and unparalleled customer service. For years, the teams at Coinsetter and Cavirtex have worked closely with traders, bitcoin companies and investors to advance the burgeoning bitcoin space in North America. We are confident that Kraken is the right world-class company with the resources, vision and drive to successfully carry our torch far into the future.”
Kraken has previously concentrated on developing market share outside of the US, particularly in Europe where Kraken has become the dominant exchange for bitcoin-euro (XBT/EUR) trading. “The acquisition of Coinsetter and Cavirtex marks the beginning of a new era for Kraken,” said Kraken CEO Jesse Powell. “The consolidation of these three veteran giants is the largest exchange deal to date. Combined, we represent over thirteen years of bitcoin exchange experience in an industry that is only seven years old. Kraken has big, exciting plans for 2016. This year we will fully leverage what we’ve built as the world’s most trusted and secure bitcoin exchange. This is the year that we make long strides to capture key markets and crank up the volume. This is the year of the Kraken.”