Kraken to launch DLT Finance-powered crypto services in Germany

Rick Steves

Starting around July 10, Kraken will be offering BaFin-regulated crypto and custody services in Germany powered by DLT Finance.

Kraken is further accelerating its European growth plan with the newly announced strategic partnership with DLT Finance, a brand of German BaFin-licensed crypto service providers DLT Securities GmbH and DLT Custody GmbH.

The US-headquartered digital asset exchange will be able to actively enhance its product offering in Germany, a key market for European crypto adoption.

Previous milestones in Europe include receiving an E-Money Institution (EMI) authorization from the Central Bank of Ireland last year, and operationalizing Virtual Asset Service Provider registrations (VASPs) in Ireland, Italy, Spain, and Belgium in 2023. Kraken also registered as a Crypto Service Provider (CSP) in the Netherlands this year.

DLT Finance provides crypto prime brokerage and custody services

Starting around July 10, 2024, Kraken will be offering German clients access to a range of innovative crypto products via a dedicated offering powered by DLT Finance, a provider of digital asset prime brokerage and crypto custody services.

Once the partnership is live, DLT Finance will provide localized expertise and infrastructure to serve millions of Germans with secure and compliant crypto services.

This is yet another episode in Kraken’s expansion strategy in Europe and follows the recent acquisition intention announcement of Dutch crypto broker Coin Meester B.V. (BCM).

“Over 5% of Germans already own cryptoassets”

David Ripley, CEO of Kraken, said: “Collaborating with industry-leading partners is a vital component of our mission to accelerate the global adoption of crypto. Over 5% of Germans already own cryptoassets, and we’re confident our innovative product suite – along with excellent local language client service support – will be attractive to prospective clients as crypto continues to become more mainstream across Europe. 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.”

Marius Sewing, Co-Founder & CEO at DLT Finance, stated: “An integral part of our service is to make fully regulated financial market infrastructure for brokerage and custody of digital assets available to industry-leading partners. Building on our commitment toward the highest security standards, regulatory compliance and technological excellence, this partnership perfectly epitomizes DLT Finance’s mission of driving regulated and compliant digital asset adoption in the European Union. We are thrilled to embark on this joint endeavor with Kraken and look forward to advancing the landscape of digital asset adoption together.”

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