As per the latest reports, one of the largest cryptocurrency exchanges from the United States is planning to make its presence known throughout the world. The name of the particular exchange is Kraken, which is aiming to gain global recognition.
However, the exchange is aiming to do it one step at a time. The exchange has announced that it plans on achieving its goal by expanding its services in the European region first. This is the reason why the exchange is aiming to acquire the license from the European regulatory authorities.
Onnnnnnnnnce it has acquired the license and approval from the European regulators, it will start offering its services in the particular region. At present, Coinbase is a cryptocurrency exchange that has a lot of influence and a high user base from the European region.
Therefore, by making this move, Kraken is getting ready to compete with Coinbase and aim to leave it behind. The exchanging is aiming to target Binance in the process, which is currently the largest cryptocurrency exchange worldwide.
Initially, there were only rumors emerging around Kraken’s attempt to launch itself in the European market. However, the information was made officials by Jesse Powell, the CEO, and co-founder of Kraken. Powell reported that they are currently in the process of going through all the options of expanding their services in Europe.
They are constantly in talks with the cryptocurrency community and regulatory authorities in Europe in regards to their expansion in the region. They are discussing all the possibilities of expanding their services in Europe and acquiring the proper licensing for achieving it.
Powell revealed that they have very highs hopes that the European regulators would provide them with the proper regulatory licensing by the end of 2021. If they acquire the approval and the licensing, the cryptocurrency enthusiasts and their followers in Europe would be able to trade through Kraken in Europe.
There was a time when the European region was as aggressive and active as the United Kingdom. However, the European Union has grown a soft side for the cryptocurrency sector in the region. This is the reason why the European region has grown very much flexible around the adoption of the cryptocurrency industry.
In the light of the above, Kraken is highly confident that it will receive confirmation and approval from the European regulators sooner than expected.
He revealed that Kraken is already known as a highly regulated and compliant cryptocurrency exchange in the entire United States. The exchange has always remained compliant and adherent to regulations, which is going to help it in the European region as well.
The exchange has already learned a lot from the US market, which is considered the most challenging for the crypto-sector to survive. Therefore, once they have the approval to operate in Europe, they will definitely be able to compete with major cryptocurrency exchanges in the region.