Kraken Exchange Purchases Crypto Accounting Firm, Interchange
Kraken, a leading San Francisco-based cryptocurrency exchange, has acquired Interchange, a firm that claims to be focused on solving cryptoassets management challenges for institutional investors. The acquisition is expected to transform Kraken exchange into a robust, end-to-end crypto trading and reconciliation platform and it will also allow interchange’s co-founders Dan Held and Clark to join the team, according to a press release on July 31, 2019.
Kraken Takes Over Interchange
As stated in its press release, Kraken exchange has achieved another significant milestone in its journey towards excellence.
Specifically, the Jesse Powell-led exchange has acquired Interchange, an institutional-grade cryptoassets management firm that makes it easier for hedge funds, fund administrators and asset managers to monitor their portfolio in real-time.
In March 2017, Kraken acquired Cryptowatch, a top multi-exchange charting, trading, and portfolio tracking platform.
Now, the team believes that the integration of Interchange with its platform will allow Kraken to provide its institutional clients and traders with a highly functional end-to-end solution to manage and optimize their digital assets.
The exchange says its institutional crypto traders will now enjoy an unparalleled set of products including historical and real-time data, advanced charting, multi-exchange trade execution, research and insights, cutting-edge accounting and portfolio reconciliation tools and more on Kraken’s CF Benchmarks.
Kraken Supporting Global Crypto Adoption
Established in 2011, Kraken has acquired several crypto-focused businesses including Cryptofinance, a project that enables professional crypto traders to make informed decisions by providing them with real-time access to prices of cryptocurrencies as well as market data from more than 50 exchanges and blockchain data delivered via Google sheets.
Reportedly, Kraken has achieved several significant feats in its 8-year history, including becoming the first crypto exchange to get its market data displayed on Bloomberg Terminal, the first to pass a cryptographically verifiable proof-of-reserves audit and more.
Kraken claims it’s trusted by more than 4 million traders, institutions and financial authorities across the globe, processing nearly $90 billion in volume in 2018 alone.
It’s worth noting that the exchange has also had its rough moments with financial regulators in the U.S.
In 2015, Kraken, along with a slew of Bitcoin-linked businesses who couldn’t secure the BitLicense due to its very high barriers for entry and somewhat draconian nature, were left with no choice but to leave New York entirely or shut their doors against residents of the state.
Fast-forward to April 2018 and the New York Attorney General (NYAG), Eric Schneiderman sent inquiry letters to several crypto exchanges within and outside New York, in a bid to gain more insights concerning their activities.
However, the move did not go down well with Kraken CEO Jesse Powell who outrightly condemned the actions of the NYAG.