San Francisco based virtual asset exchange, Kraken, just acquired accounting, reconciliation, and reporting service provider, Interchange, in an aim to better service fund administrators, crypto hedge funds, and asset managers.
In an announcement that was released early this morning, Kraken confirmed the news it had bought the institutional-grade service provider, Interchange. As a company, Interchange facilitates institutional investors with services that allow them to better monitor and report their virtual asset holdings.
“The acquisition of Interchange creates the first end-to-end virtual asset trading and reconciliation platform. In addition to the purchase, we would like to welcome Interchange co-founders, and cryptocurrency experts Clark Moody and Dan Held to Kraken,” the announcement from Kraken read without providing further information regarding the amount that was spent to close the deal, including whether it was finalized.
According to crypto experts and analysts, Kraken’s multi-exchange charting, portfolio tracking, and exchanging platform, Interchange will provide crypto traders with a conclusive solution to their portfolio management and optimization needs.
As a cryptocurrency company that deals with accounting, reconciliation, and reporting services, Interchange avails professional portfolio and accounting reconciliation tools to its virtual asset clientele.
According to Kraken, Interchange has managed to beat the odds to usher in the next generation product to the corporate marketplace in less than a year. Servicing over 60 institutions that comprise of hedge funds and fund administrators, Interchange is focused on increasing its corporate portfolio that has notable names such as MG Stover. MG Stover is the leading fund administrator for virtual asset funds in the world.
The acquisition of Interchange by Kraken marks a milestone for the company that has been on a spending spree in recent time.
Early this month, Kraken announced to the world the purchase of a software tool that avails market data and prices for over 50 crypto exchange platforms, Cryptofinance.ai, to its users.
In February 2019, Kraken purchased a crypto trading platform, Crypto Facilities to add to its growing list of acquired companies. Since the acquisition of Crypto Facilities, which now goes by the name Kraken Futures by Kraken, it’s trading volume has increased upward by over 500 percent.
When asked why Kraken Futures is now performing tremendously better than before the purchase, Sui Chung, the head of indices and pricing products, disclosed that Kraken was the secret behind its success.
“Running some of the leading liquid markets for LTC and BCH, Kraken is one of the major players in the industry, an advantage that is spilling over to our market as well.”
The effects of the acquisition are so clear that Kraken Futures has processed about 1 billion USD in crypto futures across their services.
Crypto experts argue both companies, Kraken and Interchange, stand to benefit from the deal as Kraken has managed to register a triple-digit growth rate in corporate clients every year since 2014. To date, Kraken continues to develop new and innovative products that address the most disturbing challenges the market faces.
Considering Kraken already has a working partnership with Cryptowatch, the incorporation of Interchange will assist Cryptowatch in offering an unrivaled set of services that include historical and real-time information.
Some of the real-time and historical information that will be available to Cryptowatch includes advanced charting, portfolio reconciliation tools, multi-exchange trade execution tools, critical accountings tools, and research and insights capabilities.
World’s leading index products that are offered by Kraken’s CF Benchmark business will also be available to Cryptowatch, enhancing user experience and satisfaction.
The combination of all these valuable and all-inclusive offerings in a single venue underpins Kraken’s dedication to providing a state-of-the-art platform that supports the adoption of virtual assets globally. Kraken is committed to the adoption of virtual assets globally among individuals, middle-sized businesses, and large corporations.
Based in the US, Kraken is the world’s leading virtual asset exchange in liquidity and volume. Kraken supports transactions that are in US dollar, Japanese Yen, British Pounds, and other virtual assets on its platform. Rated the best Bitcoin exchange platform by media outlets, the San Francisco based company proves to be a safe choice for traders willing to engage in crypto trading.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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