The major crypto exchange platform from the US – Kraken – has reportedly finalized its acquisition of the longest-running crypto exchange in Australia. 

Specifically, in the newest update, Kraken has revealed to the public its purchase of Bit Trade – a crypto exchange platform headquartered in Australia, which was established 7 years ago (2013). 

The Bit Trades website will, at the moment, still remains functionally operational, and all current human resources will still be going on with their jobs, as disclosed by a member from the company. 

“In the short term, Bit Trade will continue under its current brand and operate business as usual.  As part of the acquisition we are pleased to welcome the Bit Trade team led by Jonathan Miller who will be Managing Director for Kraken in Australia.”

With the initiative to acquire Bit Trade, Kraken is one step closer to achieve its goal of becoming the go-to crypto trading platform across Australia – a country with an increasing enthusiasm, as well as expansion, in the crypto scene. 

Kraken looks to facilitate trading liquidity for Australia’s dollar (AUD), along with rolling out support for retail and institutional players. The acquisition will also help Kraken integrate more features into its existing OTC trading capabilities.