Kraken acquires Australian cryptocurrency exchange

San Francisco-based cryptocurrency exchange Kraken is expanding into Australia via the acquisition of a domestic crypto exchange, the firm confirmed to The Block.

The exchange announced Tuesday that it acquired Australia-based Bit Trade, one of the longest-running crypto companies in the country. The deal follows Kraken’s acquisition of Circle Trade, which closed at the end of 2019.

Together, the two acquisitions will allow Kraken to expand its presence the Asia-Pacific regions of the crypto world.

Bit Trade operates a so-called multi-exchange aggregator, which combines liquidity from several exchanges into one interface.

As such, the deal will enable Kraken to offer its customers a more robust trading experience, enabling them to route orders to various pools of liquidity, according to Kraken.

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Source: Kraken acquires Australian cryptocurrency exchange – The Block