Kraken, a leading cryptocurrency exchange based in the United States, is gearing up to make a significant entry into the European market.

The crypto exchange recently declared its intent to acquire Coin Meester B.V. (BCM), a prominent Netherlands-based cryptocurrency platform.

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As both crypto exchanges keep the acquisition’s financial details under wraps, they have publicly expressed their shared enthusiasm for the venture.

Kraken CEO David Ripley noted multiple motivating factors for targeting the Netherlands for expansion, such as a strong economy, high cryptocurrency adoption rates, and an overall culture that embraces innovation. In his statement, Ripley said:

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.

Mitchell Zandwijken, the co-founder and CEO of BCM, praised Kraken’s long-standing industry reputation and foresaw mutual benefits.

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.

Established in 2017 and formerly known as Bitcoin Meester, BCM has a robust suite of services, including cryptocurrency trading and staking. The Dutch exchange provides access to a wide range of over 170 cryptocurrencies.

BCM is officially registered as a cryptocurrency service provider with De Nederlandsche Bank, the central bank of the Netherlands. Both companies have acknowledged that the finalization of the deal is pending regulatory approval, including the necessary clearance from the Dutch central bank.

Additionally, Kraken has already made strides in Europe by securing Virtual Asset Service Provider (VASP) licenses, allowing it to operate in countries such as Ireland, Italy, and Spain.

Kraken’s planned acquisition of BCM marks a pivotal step in the US-based crypto exchange’s European expansion strategy. The move will strengthen Kraken’s foothold in the Dutch market and offer BCM’s existing clients enhanced services.