US-based digital asset exchange Kraken has agreed to acquire the Netherlands-based crypto broker BCM in a bid to solidify its presence in Europe. Founded in 2017, BCM is among the Netherlands' oldest registered crypto brokers, specialising in services such as crypto buying, selling, and staking, offering access to more than 170 cryptocurrencies and robust local funding channels according to the official press release.

This proposed acquisition is poised to bolster Kraken's foothold in the Dutch market, extending the benefits of Kraken's product portfolio, liquidity, robust security standards, and round-the-clock client support to BCM's customers. When talking about the acquisition, representatives from Kraken emphasised the significance of the Dutch market in their European expansion plans, highlighting the advanced economy and high crypto adoption rate in the Netherlands. They also noted that the acquisition of BCM would position Kraken as a substantial player in this market, further enriching BCM's service offerings.

BCM officials expressed confidence in Kraken's stewardship, citing Kraken's extensive experience and commitment to crypto accessibility. Moreover, they expect their clients to enjoy improved access to crypto opportunities through Kraken's continuous investment. Kraken's expansion in Europe Kraken's decision to accelerate its European growth coincides with the European Commission's introduction of the Markets in Crypto-Assets (MiCA) regulatory framework.

This regulatory framework facilitates industry investments in the European region, promoting competitive products and services for consumers. Kraken aims to expand its operations in compliance with European regulations, actively pursuing registrations in various European markets. Kraken officials acknowledged the fragmented nature of the European crypto services market, as well as the potential for consolidation to strengthen their regional position.

Other developments from Kraken In recent years, Kraken has made efforts to improve its core exchange services and broadened its product suite to enable users to tap into the potential of decentralised blockchain technology. This includes the launch of a Kraken NFT marketplace, a revamped Kraken Pro trading interface, and an improved consumer web experience. The completion of the acquisition is contingent on customary closing conditions, including securing necessary regulatory approvals.

Financial terms of the transaction have not been disclosed. Kraken has been an early adopter in offering various crypto services, including spot trading, parachain auctions, staking, regulated derivatives, and index services, all within a single platform. Kraken offers professional 24/7/365 client support and operates an efficient platform in the crypto industry.

In a bid to set new standards for transparency and client trust, the company became one of the first crypto platforms to conduct Proof of Reserves audits. .