Source: Cointelegraph Original: "{title}"
Cryptocurrency exchange Kraken is reportedly nearing the completion of a $1.5 billion acquisition of trading platform NinjaTrader, a move that will expand Kraken's customer base and enable it to offer cryptocurrency futures and derivatives trading in the United States.
The Wall Street Journal reported on March 19, citing informed sources, that the deal is expected to be confirmed as early as the morning of March 20, U.S. time.
Kraken will expand its business scope through NinjaTrader's Futures Commission Merchant registration.
Insiders revealed that the acquisition will help Kraken venture into multiple asset classes, including stock trading and payment services, while also driving NinjaTrader's expansion into the UK, continental Europe, and the Australian market.
NinjaTrader is expected to continue operating as an independent platform.
Cointelegraph has reached out to Kraken and NinjaTrader regarding this matter but has not yet received a response.
Source: The Wall Street Journal Markets
Kraken achieved $1.5 billion in revenue in 2024, with a trading volume of $665 billion and 2.5 million funded account users. Recently, NinjaTrader stated that its futures trading tools have been used by over 1.8 million users.
Kraken announced plans to expand its product and service offerings back in November when it closed its NFT marketplace.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) withdrew its lawsuit against Kraken on March 3. The SEC initially accused Kraken of illegally acting as an unregistered broker, exchange, market maker, and clearing agency. However, the lawsuit was ultimately dismissed with prejudice, allowing Kraken to avoid admitting wrongdoing, paying fines, or adjusting its business model.
Kraken is one of many companies that may benefit from the Trump administration's more lenient regulatory environment, as Trump previously promised to make the U.S. the global "cryptocurrency capital."
The exchange was founded in 2011 by Thanh Luu, Michael Gronager, and former CEO Jesse Powell. In July of last year, Powell handed over the CEO position to former data analytics executive Amir Orad.
According to CoinGecko data, Kraken's average daily spot trading volume over the past three months has ranged between $390 million and $4.4 billion, consistently ranking among the top seven to fifteen cryptocurrency exchanges globally.
Related: Bitcoin futures "de-leveraging" leads to $10 billion in open contracts evaporating within two weeks.
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