While other cryptocurrency exchanges work on the development within their exchange, Kraken took a huge leap as it acquired Interchange, accounting reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers, and fund administrators. The exchange did not disclose any financial details about the deal.
This deal created the first-ever end-to-end crypto trading and reconciliation platform and brought along the co-founders of Interchange, Dan Held and Clark Moody to Kraken. With this acquisition, the San Francisco-based exchange would be able to use Interchange’s tools that would help the Institutional Investors to monitor and report their cryptocurrency holdings, thus paving a way for more institutional investors.
Jesse Powell, Kraken’s CEO expressed his excitement over the acquisition, welcoming the co-founders to Kraken. The CEO added:
“What’s great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer.”
Interchange has not only served over 60 institutions, but also hedger funds and the world’s largest fund administrators, like MG Stover. Along with Interchange and its Cryptowatch feature, Kraken will be able to provide the investors and traders with historical and real-time data, multi-exchange trade execution, advanced charting, research and insights, critical accounting and portfolio reconciliation tools, and world-leading index products via Kraken’s CF Benchmarks business (formerly known as Crypto Facilities Indices).
Dan Held, the co-founder of Interchange recognized the potential of Kraken’s project and noted that the acquisition will help Interchange in improving their core portfolio reconciliation product, while their client’s get to use Kraken’s suite of products.
Kraken has been on an acquisition spree, as just earlier this month it had acquires Cryptofinance.ai, a software tool providing data from more than 50 exchanges along with blockchain network data. Before Cryptofinance.ai, the exchange also acquires Crypto Facilities, that now serves as Kraken Futures, making its the only platform to offer spot and futures trading.