Kraken Acquires Interchange Accounting Firm
The Kraken cryptocurrency exchange has acquired Dan Held’s Interchange, thus enabling investors to gain access to portfolio management and hedge funds.
Interchange was purchased on Tuesday, the firm being specialized in accounting, reconciliation, and reporting, offering an “institutional-grade” service.
The company was co-founded by Dan Held, which activated as director for the wallet (and now crypto exchange) provider Blockchain and also co-founded ZeroBlock. The other co-founder of Interchange was Clark Moody, founder of RTBTC, a bitcoin trading platform.
The newest acquisition made by Kraken will offer institutional investors advanced crypto portfolio tools to allow them to monitor and manage their assets.
At least 60 institutions are using Interchange’s provided services, according to accounting and administration company MG Stover.
Kraken stated that the new service will be used in tandem with its multi-exchange charting, trading and portfolio-tracking platform Cryptowatch. The merger will include on the exchange platform historical and current data, multi-exchange trade executions, advanced charting, research and insights, critical accounting and portfolio reconciliation tools, and crypto indices.
CEO of Kraken, Jesse Powell stated:
“I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken. 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.”
Kraken has been very active this year when it comes to making acquisitions, with Interchange being the newest addition to its list.
Cryptofinance.ai, a software tool providing prices and market data from over 50 exchanges, was also bought by the exchange.
The former crypto futures exchange Crypto Facilities was renamed Kraken Futures after the exchange acquired it for $100 million.
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