US-based cryptocurrency exchange Kraken acquires an institutional services provider

• The  acquisition of  Interchange will allow the platform to expand the functionality.
• The founders of  Interchange will become a part of Kraken’s top management.

Cryptocurrency exchange Kraken has acquired a startup Interchange that allows institutional investors to access tools for efficient cryptocurrency portfolio management.

Thus, the Interchange functionality allows cryptocurrency hedge funds, asset managers and other large investors to keep accounts, and reconcile financial statements for processed transactions.

The founders of the startup are entrepreneurs Dan Held, the former director of Blockchain, and Clark Moody, the creator of the RTBTC trading platform. Now they will become a part of Kraken’s top management team.

“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,”  Jesse Powell, Kraken CEO commented in the press-release.

Representatives of the exchange claim that this acquisition will make it the first the platform in the world that provides all the services necessary for trading and preparing financial statements.

Notably that at the time of the acquisition, Interchange had over 60 institutional clients, including hedge funds.

At the beginning of 2017 Kraken acquired Cryptowatch, a service for cryptocurrency prices monitoring.

In early 2019 the exchange bought Crypto Facilities for trading cryptocurrency derivatives; the trading volumes of the platform grew by 500%.