Crypto exchange Kraken is set to acquire the trading platform NinjaTrader for $1.5 billion, enabling the company to offer crypto futures and derivatives in the US.
Deal Details
The deal could be confirmed by the morning of March 20 in the US, according to the Wall Street Journal. Acquiring NinjaTrader would allow Kraken to enter the US crypto futures market, as the platform is registered as a Futures Commission Merchant.
Strategic Importance
The acquisition supports Kraken's strategy to operate across various asset classes, including plans for equities trading and payments. It will also enable NinjaTrader to expand into the UK, continental Europe, and Australian markets.
A Brief History of Kraken
Kraken was founded in 2011 by Thanh Luu, Michael Gronager, and former CEO Jesse Powell. Last July, the leadership transferred to Amir Orad. Kraken consistently ranks among the top 15 largest crypto exchanges by trading volume.
With the acquisition of NinjaTrader, Kraken aims to strengthen its position in the US and beyond in the futures and derivatives market.
