Kraken has made a huge leap towards mass crypto adoption via the acquisition of Interchange, an accounting reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers, and fund administrators.
Interchange is already providing services for at least 60 institutions, including digital assets accounting and administration company MG Stove according to the press release.
The result of the deal is the creation of the first end-to-end crypto trading and reconciliation platform which included Dan Held and Clark Moody, the founders of Interchange to Kraken.
As a result of this deal, the San Francisco-based exchange would be able to utilize Interchange’s tools to help the Institutional Investors manage, monitor and report their cryptocurrency holdings.
Jesse Powell Give His Thoughts On Interchange Acquisition
Kraken’s CEO, Jesse Powell commented: “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 provided it’s service to over 60 institutions, including hedge funds and the world’s largest fund administrators, like MG Stover. Alongside Interchange and its Cryptowatch feature, Kraken would be able to provide the investors and traders with real-time data and historical 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).
The co-founder of Interchange, Dan Held understands the potential of Kraken’s project and remarked that the partnership 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, earlier this month it acquired Cryptofinance.ai, a software tool providing data from more than 50 exchanges along with blockchain network data.
Kevin Beardsley, The former managing director of OTC was named as the new head of business development at Kraken Futures, its new Bitcoin futures operation
Finally, the crypto exchange also acquired Crypto Facilities, that now serves as Kraken Futures, making its the only platform to offer spot and futures trading.