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Kraken enters Germany with DLT Finance partnership

kraken-enters-germany-with-dlt-finance-partnership
Edited by
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Kraken enters Germany with DLT Finance partnership

Crypto exchange Kraken is expanding its footprint across European markets with a partnership to service German clients. 

According to a press release, Kraken reached an agreement with BaFin-licensed DLT Finance, a brand of crypto service providers DLT Securities GmbH and DLT Custody Gmbh, to activate digital asset facilitates for users in Germany. 

This year, Germany and Europe have been showcased as hot spots for crypto adoption. As crypto.news reported, several German cities showed leading interest in the Bitcoin (BTC) halving, and the crypto banking sector is dominated by European providers. 

Commenting on the move, Kraken CEO David Ripley said more than 5% of Germans own crypto assets, reaffirming demand for virtual currencies in the country. 

“With this partnership, German clients get access to crypto with certainty that they are trading with a best-in-class offering as Germany transitions toward a new pan-European regulatory framework.”

David Ripley, Kraken CEO

DLT Finance Co-Founder and CEO Marius Sewing added that collaborating with the crypto exchange will help drive regulated digital asset adoption in the European Union, especially as the bloc implements its milestone Markets in Crypto Assets Regulation (MiCA).

After three years of development, MiCA represents one of the first comprehensive crypto frameworks. The policy laid down rules for digital asset service providers offering cryptocurrency access, including stablecoin issuance and reserves requirements. MiCA was voted into law last year, but the rules are expected to be fully implemented in December. 

Kraken’s team-up with DLT Finance follows the company’s bid to acquire Dutch crypto broker Coin Meester B.V., in keeping with a European proliferation plan. 

The crypto exchange also received E-Money Institution approval from Ireland’s central bank, in addition to registration in the Netherlands as a Crypto Service Provider. Both achievements allow Kraken to operate in Ireland, Italy, Spain, and Belgium.