Popular US-regulated cryptocurrency exchange Kraken continues its quest for service expansion with the latest acquisition of Interchange, an accounting, reconciliation and reporting service provider with a focus on institutional customers.
Kraken made the announcement on Wednesday through a press release saying that the acquisition “creates the world’s first end-to-end crypto trading and reconciliation platform, and brings Interchange co-founders and well-respected crypto veterans Dan Held and Clark Moody to Kraken.”
Dan Held has been in the cryptocurrency industry for about 7 years serving a notable position in Blockchain.com as product director, moving on to cofound another blockchain company called ZeroBlock. His Interchange co-founder Clark Moody was a cofounder of bitcoin exchange service RTBTC which was acquired by Blockchain.
The two joined forces to create an institutional-grade service that helps institutions such as hedge funds and asset managers to monitor and report their crypto portfolios. In a blog post on Wednesday, Dan Held stated that he was excited to partner with Kraken in realizing their initial dream of being the “world’s first end-to-end crypto trading and reconciliation platform.” Interchange is currently serving more than 60 institutions among them being MG Stover, which is a leading fund administrator for digital assets.
Kraken already has a service called Cryptowatch which it describes as a multi-exchange charting, trading and portfolio-tracking platform. Interchange will introduce an extension to this service offering investors an end-to-end solution to manage and optimize their portfolios.
“The addition of Interchange will enable Cryptowatch to offer an unmatched set of products including historical and real-time data; advanced charting; multi-exchange trade execution; research and insights; critical accounting and portfolio reconciliation tools, and world-leading index products via Kraken’s CF Benchmarks business,” the press release reads.
Kraken CEO Jesse Powell was stoked about the acquisition of Interchange and what it could bring to the table. He said in a statement that,
“What’s great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer.”
Held was equally enthused about the acquisition saying that its integration with Kraken will enable it to offer better services to its already happy clientele by offering them a complete solution to their portfolio management needs.
“Becoming part of the Kraken family will enable us to improve our core portfolio reconciliation product while creating new possibilities for our clients who will now have easy access to Kraken’s cutting-edge suite of products.”