Kraken, one of the world’s largest crypto exchange, is expanding into Australia by acquiring the local crypto exchange Bit Trade. Bit Trade allows users to buy, trade, and sell top cryptocurrencies, including Bitcoin, XRP, and Ethereum using Australian dollars. Australia is among the fastest-growing crypto markets in the world.
Kraken continues to acquire exchanges all over the world.
The San Francisco-based crypto exchange announced in an official blog that they would focus on being the premier crypto service in Australia with the best AUD liquidity. Since its founding, Kraken has made ten acquisitions, including 4 in 2019. The exchange said that the acquisition deepens their overall presence in the APAC region, and it further bolsters their industry-leading OTC trading operation, which acquired Circle Trade in December 2019.
Jonathan Miller will be the Managing Director for Kraken in Australia.
Bit Trade was founded in 2013 by Ronald M Tucker. Currently, the Australian crypto exchange is led by Jonathon Miller, and Kraken announced that he will become the Managing Director of the exchange in Australia. The exchange wrote in its official announcement that their combined offering will include a multi-exchange aggregator that combined several trading platforms into a single interface to ensure the best price and execution for clients.