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Highlights
- Kraken releases an official announcement regarding the expansion of its global foothold, now zeroing in on Germany.
- The announcement revealed that the decision to offer services in Germany comes riding along a partnership with DLT Finance.
- Kraken expanded its offerings to Netherlands earlier this year.
In a remarkable development, Kraken, a globally renowned CEX, recently revealed plans to commence operations in Germany, adhering to its European expansion plans. Partnering with DLT Finance, a regulated financial institute and custodian for digital assets, the CEX plans to facilitate a range of innovative crypto products, each one tailored to meet the unique needs and preferences of German clients.
This move by the crypto exchange is an effort to expand its global footprint further. Let’s take a closer look at the company’s official announcement.
Kraken Eyes Germany
In its official statement released today, May 6, Kraken revealed that following a partnership with DLT Finance, Kraken plans to anchor its foothold in one of Europe’s key markets, Germany. Further, starting July 10 this year, the company expects to unveil a stockpile of crypto-related services nationwide.
DLT Finance is a subsidiary of the renowned BaFin-licensed crypto services provider DLT Securities GmbH and DLT Custody GmbH. It comes as an effort to revolutionize the German crypto landscape.
Whereas, as soon as the partnership goes live, DLT Finance will streamline uniquely tailored expertise and infrastructure to cater to the needs of millions of Germans, offering secure and compliant crypto services.
David Ripley, the CEO of Kraken, further expressed his views on the partnership, stating, “Collaborating with industry-leading partners is a crucial part of our mission to accelerate the global adoption of crypto. With over 5% of Germans already owning crypto assets, we are confident in the potential of our innovative product suite.” Moreover, he proclaimed, “along with excellent local language client service support – will be attractive to prospective clients as crypto continues to become more mainstream across Europe.”
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Kraken’s Recent Move regarding European Expansion Plans
As spotlighted by CoinGape Media earlier this year, Kraken even secured a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB). This further falls in line with the CEX’s European expansion plans, as the firm attained legal rights to offer residents of the Netherlands its top-notch crypto services.
Meanwhile, this chronicle also appears to have intensified the global rivalry between renowned crypto exchanges.
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