While full details of the purchase have not been disclosed, the announcement comes just as the EU’s new Markets in Crypto-Assets (MiCA) regulation guidelines will be coming into action.
According to Kraken: “Our decision to accelerate European growth plans follows the European Commission’s establishment of Markets in Crypto-Assets (MiCA) regulatory framework, which allows industry players to confidently invest in the region and provide consumers access to more competitive products and services.
“We are committed to growing our business in compliance with European regulations; in addition to our VASP licenses in Ireland, Italy and Spain, we are actively pursuing registrations in other European markets.”
Founded in 2017, BCM is one of the Netherlands’ oldest registered crypto brokers that offers access to more than 170 cryptocurrencies.
Kraken CEO David Ripley said: “The Netherlands has one of the world’s most advanced economies, with a well established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans.
“The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.”
BCM’s co-founder and CEO Mitchell Zandwijken added: “We founded BCM because we wanted to make crypto accessible to everyone. Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward. Our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation.”
With a 47% lead beating major competitors Coinbase and Binance, Kraken holds the majority of market depth for the top 10 altcoins.