Crypto Exchanges

US Crypto Exchange Kraken Acquires Reconciliation Platform Interchange

InterchangeKraken, a leading US-based cryptocurrency exchange founded in 2011, has acquired Interchange, a provider of best-in-class tools for institutional traders, in order to become one of the world’s end-to-end crypto trading and reconciliation platforms.

Already providing cryptocurrency to fiat trading as well as price information to Bloomberg Terminal, Kraken has been very active in the merger & acquisition department in 2019, with two other acquisitions this year. In early July, Kraken acquired, a Google Sheets
add-on that connects to more than 50 exchanges to provide prices, market data, and blockchain network data.

Earlier in 2019, Kraken bought Crypto Facilities, an exchange and index provider regulated by the Financial Conduct Authority in the U.K. which lets users trade futures on multiple cryptocurrency pairs. The nine-figure deal allowed Kraken to offer both spot and futures trading as well as an over-the-counter service for large orders.

Other recent acquisitions made by Kraken include smaller exchanges, such as Coinsetter, Cavirtex, and CleverCoin, as well as Glidera and Cryptowatch. Kraken has 4 million users and reported trading volumes in 2018 equivalent of $90 billion.

Interchange offers professional-grade accounting and portfolio reconciliation tools designed specifically for the nuances and complexities of digital asset markets. The platform enables institutional investors to better monitor and report their cryptocurrency holdings. Interchange
currently services over 60 institutions, including fund administrators and hedge funds such as MG Stover, the world’s largest fund administrator for digital asset funds.

Interchange was founded by Clark Moody, Dan Held, and Matt Galligan, who raised $163k before the Kraken deal.

Jesse Powell, Chief Executive Officer of Kraken, commented:

“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.”

Dan Held, Co-Founder of Interchange, said: “With Interchange, we set out to build best-in-class tools for institutional traders. Becoming part of the Kraken family will enable us to improve our core portfolio reconciliation product while creating new possibilities for our clients who will now have easy access to Kraken’s cutting-edge suite of products.”