Kraken acquires an institutional services provider

Cryptocurrency exchange Kraken has now acquired a startup Interchange. Thus, it will allow institutional investors to access tools for efficient cryptocurrency portfolio management.

The Interchange functionality will let cryptocurrency hedge funds, asset managers and other large investors to keep accounts and reconcile financial statements for processed transactions. Therefore, Kraken CEO Jesse Powell expressed his excitement at the acquisition of Interchange. He emphasized on the fact that the founders of the startup since there are some leading entrepreneurs in the list. It includes Dan Held, the former director of Blockchain, and Clark Moody, the creator of the RTBTC trading platform. Now they will become a part of Kraken’s top management team. Exchange’s representatives claim that this acquisition will make it the first platform in the world that provides all the services necessary for trading and preparing financial statements. Also, during the time of acquisition Interchange had over 60 institutional clients, including hedge funds.

As per the source, this new acquisition is just the latest in a string of purchases that Kraken has been doing over the past few months. The crypto exchange has been on an acquisition binge of late. Its objective of building a major network for itself would help it stand at the top of the industry. At the beginning of 2017 Kraken acquired Cryptowatch, a service for cryptocurrency prices monitoring.