Cryptocurrency exchange Kraken has successfully completed its acquisition of trading firm Breakout, marking an important step in expanding its services for traders.
Completion of Breakout Acquisition
On September 4, Kraken officially announced the completion of its acquisition of Breakout, a company specializing in providing capital for experienced traders. Kraken clients can now access up to $200,000 in cryptocurrency trading capital while retaining over 80% of their profits. Traders must first pass a preliminary assessment and maintain their trading performance above specified limits. Successful traders will receive a funded account.
Boosting Crypto Trading and Traditional Markets
Last month, Kraken also acquired Capitalise.ai to add natural language trading automation to Kraken Pro. This feature is expected to be available later this year. Kraken values the diversity of its services and is actively seeking a broker-dealer license to offer tokenized securities in the United States.
Impact on Bitcoin and Ethereum
As part of the acquisition, Kraken is offering traders up to $100,000 in capital for each funded client account, including 5x leverage on Bitcoin and Ethereum contracts. This is expected to enhance liquidity and adoption of these cryptocurrencies. At the time of reporting, Bitcoin price stood at $109,990, while Ethereum was at $4,361.
The acquisition of Breakout by Kraken opens up new opportunities for traders, facilitating increased liquidity and interest in Bitcoin and Ethereum.
