Kraken, a leading cryptocurrency exchange that was founded back in 2011, has announced its acquisition of institutional-grade asset management company Interchange. The financial terms of the freshly-inked deal haven’t been disclosed.
Tapping into institutional investors
Interchange was formed back in December 2018 after two crypto-oriented startups (CoinVantage and Picks & Shovels) merged into a single entity. The company has occupied the niche of portfolio accounting and reporting in the cryptocurrency industry.
As of now, Interchange, which is spearheaded by crypto vets Dan Held and Clark Moody, has more than 60 high-profile clients under its belt, including accounting firm MG Stover.
Its main purpose is to make it easier for institutional players to participate in the nascent asset class.
I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken,” said Jesse Powell, Kraken CEO.
The growing industry
Kraken has been onboarding institutional clients since 2014 while creating innovative products to address their needs. The US-based exchange will keep serving these companies with the help of Interchange’s tools.
As reported by CryptoComes, Blockchain, where Interchange’s Held served as the director of product management, launched its own exchange, which shows that crypto companies are growing into future juggernauts.