Kraken, a cryptocurrency exchange, has officially announced a strategic partnership to expand its crypto product offerings in Germany.
This initiative marks a significant step in Kraken’s ongoing efforts to deepen its footprint in the European market.
Kraken Partners With DLT Finance In Germany
Scheduled to start on July 10, 2024, this collaboration will see Kraken providing German clients access to crypto. The partnership leverages DLT Finance’s expertise and infrastructure. This is a subsidiary of BaFin-licensed entities DLT Securities GmbH and DLT Custody GmbH.
Specializing in digital asset prime brokerage and crypto custody services, DLT Finance is well-equipped to ensure secure and compliant transactions for millions of potential crypto users in Germany.
David Ripley, CEO of Kraken, emphasized the importance of collaboration with industry-leading partners to accelerate the global adoption of cryptocurrencies.
“Over 5% of Germans already own crypto assets, and we’re confident our innovative product suite – along with excellent local language client service support – will be attractive to prospective clients as crypto continues to become more mainstream across Europe,” Ripley stated.
Likewise, Max Burger, Ecosystem Development Lead at Cryptocity Network, told BeInCrypto that such a strategic partnership represents a significant advancement for the European cryptocurrency market. Especially for crypto-friendly nations like Germany.
“Germany, currently being the third-largest economy in the world, has the potential to take a leading role in the widespread adoption of cryptocurrencies. Through such progressive partnerships, we can demonstrate to other industrial nations that the professional crypto industry can also gain a foothold in the ‘real world.’ The cooperation between Kraken and DLT also brings increased media attention, which is of great value,” Burger told BeInCrypto.
Read more: Kraken Review 2024: A Review of Its Security and Features
Further underlining the strategic nature of this partnership, Kraken also announced its intention to acquire Dutch crypto broker Coin Meester B.V. This reflects its commitment to scaling operations while complying with European regulations.
Kraken’s European expansion is notable for obtaining an E-Money Institution authorization from the Central Bank of Ireland and successful registrations as a Virtual Asset Service Provider in several European countries. This year, Kraken also secured registration as a Crypto Service Provider in the Netherlands.
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