Cryptocurrency

Kraken Exchange Subsidiary Becomes 1st Licensed Crypto Futures Platform in Europe

Kraken Exchange, the largest crypto trading platform in entire Europe in terms of trading volume, has achieved a unique feat as its subsidiary, Crypto Facilities became the first crypto futures platform in Europe to get the Multilateral Trading Facility license from UK’s Financial Conduct Authority (FCA).

Founded in 2015, Crypto Facilities is a premier crypto futures service provider in Europe, offering futures contracts in BTC, XRP, LTC, ETH, and BCH with up to 50x leverage. It was acquired by Kraken Exchange in 2019, and by banking on the fresh funds and expertise coming in from the acquisition, Crypto Facilities has been able to push the licensing efforts. The platform currently functions under the name of Kraken Futures.

As per the official announcement, the platform will now be capable of expanding its product line and will serve institutional clients in a more refined way.

Jesse Powell, CEO and Co-founder of Kraken said that the company is taking extra efforts to procure various licenses as it aims to make crypto accessible to all sections of the industry. He further added,

Jesse Powell said

Crypto futures is one of the fastest-growing products in the crypto space and has managed to attract investors from traditional sectors too. However, lack of licensing means that a large number of potential customers, including institutional investors, are devoid of the services, as it is mandatory for them to engage in business only with licensed platforms. Crypto Facilities CEO, Timo Schlaefer said that they have pioneered the crypto derivatives industry in Europe, and are proud to be the first licensed crypto derivatives platform outside the US.

Adam Billingsley

Adam Billingsley is a lead blockchain news writer at CryptonewsZ. His work revolves around the applications of blockchain technology and cryptocurrencies like bitcoin, Ripple, and other coins.

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