Kraken acquires Australian cryptocurrency exchange Bit Trade
Today Kraken announced it acquired Bit Trade, one of the longest-running cryptocurrency exchanges in Australia. The announcement marks Kraken’s 5th public acquisition, and follows its most recent acquisition of Circle Trade in December of last year. Bit Trade is an platform that combines liquidity from several exchanges into one interface.
Why it matters:
- As Ryan suggested in our 2020 crypto theses, “I predict BitMEX, Coinbase, Binance, Kraken, and Huobi will make nearly $1 billion of acquisitions within the next 24 months.” Top exchanges will continue to accelerate their acquisition pace this year as they build out their suite of services.
- Liquidity begets liquidity. We’d expect the exchange industry to continue to consolidate as local exchanges get scooped up into larger platforms.
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.