Kraken expands European presence with German strategic partnership

Today we double down on our European expansion strategy by announcing a new strategic partnership that will allow us to actively enhance our product offering in Germany, a key market for European cryptocurrency adoption. From about July 10, 2024, we expect to provide German customers with access to a variety of innovative cryptocurrency products through a dedicated service provided by DLT Finance.

DLT Finance is a brand of DLT Securities GmbH and DLT Custody GmbH, leading BaFin licensed cryptocurrency service providers providing digital asset prime brokerage and cryptocurrency custody services. Once the partnership goes live, DLT Finance will provide localized expertise and infrastructure to serve millions of Germans with secure and compliant crypto services.

“Collaborating with industry-leading partners is a critical component of our mission to accelerate the global adoption of cryptocurrency. “More than 5% of Germans already own cryptocurrency, and as cryptocurrencies continue to become mainstream across Europe, we are confident that our innovative product range, along with excellent local language client service support, will be attractive to potential customers.” said Kraken CEO David Ripley. .

“This partnership will allow our German customers to access cryptocurrencies with the confidence that they are trading with best-in-class products as Germany transitions to a new pan-European regulatory framework.”

Marius Sewing, Co-Founder and CEO of DLT Finance, added: “A core part of our service is creating a fully regulated financial markets infrastructure for the brokerage and custody of digital assets, available to our industry-leading partners. “Building on our commitment to the highest security standards, regulatory compliance and technological excellence, this partnership perfectly encapsulates DLT Finance’s mission to drive regulated and compliant digital asset adoption in the European Union.”

“We are excited to begin our joint efforts with Kraken and look forward to advancing the digital asset adoption landscape together.”

The acceleration of our European growth plans is also reflected in our recent announcement of our intention to acquire Dutch cryptocurrency broker Coin Meester BV (BCM). We are committed to expanding our business locally while complying with regulations in other European countries to meet customer demand for a best-in-class product range.

Today’s announcement follows several previous European milestones for our business. This includes receiving Electronic Money Institution (EMI) approval from the Central Bank of Ireland last year, operating a Virtual Asset Service Provider Register (VASP) in Ireland, Italy, Spain and Belgium in 2023, and successfully registering as a cryptocurrency service. This includes: Supplier (CSP) in the Netherlands this year.

These materials are provided for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptocurrency or to engage in any particular trading strategy. Kraken does not and will not seek to increase or decrease the price of any particular cryptocurrency it offers. Some cryptocurrency products and markets are unregulated and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptocurrency market may result in loss of funds. Taxes may be payable on the appreciation and/or reporting of your cryptocurrency assets and you should seek independent advice on your tax position. Geographic restrictions may apply.