US crypto trading platform Kraken has just announced its expansion to Australia through the acquisition of the local exchange Bit Trade, Kraken reported yesterday on its official blog.
The news comes shortly after Kraken acquired the OTC platform Circle Trade last month.
It has been reported that Bit Trade will continue to operate as a separate platform and maintain all its staff:
"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 Jonathon Miller who will be Managing Director for Kraken in Australia."
It must be noted that both last month's acquisition of Circle Trade and the recent purchase of Bit Trade will allow Kraken to expand its presence in the Asia Pacific regions.
Bit Trade operates a multi-exchange aggregator, which combines the liquidity from several exchanges into a single interface, which will allow Kraken to offer its clients a more robust trading experience by allowing them to route their orders to several pools of liquidity.
Kraken has purchased a total of 5 companies between 2019 and 2020, which clearly shows the exchange is working in the expansion of its business.
The exchange has been very active lately. For example, last week iHodl reported it had added support for USDC stablecoin.