Kraken (KRAK) Expands into Germany: A Major Leap in European Crypto Market Dominance

• Kraken, a leading crypto trading platform, has announced plans to expand its services to Germany.
• The move is part of Kraken’s broader European expansion strategy and follows a partnership with DLT Finance.
• Earlier this year, Kraken expanded its offerings to the Netherlands.

Kraken, a global crypto exchange, is set to launch in Germany following a partnership with DLT Finance, aiming to offer a range of innovative crypto products tailored to the German market.

Kraken’s Expansion into Germany

Kraken’s decision to enter the German market comes as part of its European expansion plans. The crypto exchange has partnered with DLT Finance, a regulated financial institution and digital asset custodian, to offer a range of crypto products tailored to the needs of German clients. This move is a significant step in Kraken’s efforts to expand its global footprint.

Details of the Partnership

The partnership with DLT Finance will enable Kraken to offer a range of crypto-related services in Germany from July 10 this year. DLT Finance, a subsidiary of BaFin-licensed crypto services providers DLT Securities GmbH and DLT Custody GmbH, will provide the necessary expertise and infrastructure to cater to the needs of millions of Germans, offering secure and compliant crypto services.

CEO’s Statement on the Expansion

David Ripley, the CEO of Kraken, 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.”

Kraken’s European Expansion Plans

Earlier this year, Kraken secured a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB), allowing it to offer its top-notch crypto services to residents of the Netherlands. This move was in line with the company’s European expansion plans.

Conclusion

Kraken’s expansion into Germany marks a significant step in its European expansion strategy. The partnership with DLT Finance will enable the company to offer a range of innovative crypto products tailored to the German market, further strengthening its global footprint in the crypto industry.