Home Fintech Kraken Exchange Acquires Interchange

Kraken Exchange Acquires Interchange

by Meredith Loughran
, Kraken Exchange Acquires Interchange

On July 31, 2019, the Kraken Exchange announced the acquisition of Interchange, which could be a game changer for the platform and business asset management in the cryptosphere.

Interchange raised seed funds to launch in October, 2017 and has been offering comprehensive business solutions since then. Formerly a subsidiary of MG Stover and Picks & Shovels, Interchange has software products that offer accounting, reconciliation and reporting for cryptocurrency hedge funds, asset managers and fund administrators, allowing for historical and real time data, analysis, and trades captures from hundreds of blockchains and exchanges to fully leverage critical information from the crypto markets.

Of the three-man Interchange co-founders, Dan Held and Clark Moody are joining the San Francisco-based Kraken team. Kraken CEO, Jesse Powell, has stated, “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.”

When asked about Kraken’s acquisition, Held said that his role will be on Business Development across all products. “With Kraken’s focus on investing for long-term growth, we will be able to leverage the resources, customers and team to build what we could only dream of building before.”

Moody will focus on security. He stated, “The culture at Kraken is most exciting to me. Top priority is placed on security, both digital and physical, for all employees. The engineering effort is higher quality because of it.”

Founded in 2011, Kraken had a lot of firsts in the cryptocurrency field; it was first crypto exchange that had its market data included in the Bloomberg Terminal; the first to offer margin trading for Bitcoin; the first to pass an audit of cryptographically verifiable proof-of-reserves. They have been aggressively pursuing best-in-class tools and procuring other bitcoin exchanges to build their brand and put their stamp on the crypto landscape.

Some other acquisitions include which include Cryptofinance.ai, which is software that provides access to price and market data to 50 exchanges; Glidera, a wallet-funding service; Crypto Facilities, a professional trading platform for derivatives on digital assets acquired in February 2019; Cryptowatch, a multi-exchange portfolio tracking platform, and Bitcoin exchanges: Coinsetter, Cavirtex and CleverCoin. Adding Interchange to their arsenal of tools was an obvious decision.

This combination of selective purchases has made Kraken the only regulated exchange that offers futures and spot trading within one platform. Now with Interchange, Kraken is the leading exchange with the latest tools, and arguably the best, most secure platform.

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