Kraken, a San Francisco, CA-based digital asset exchange, acquired Interchange, an accounting, reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers and fund administrators.
The amount of the deal was not disclosed.
The transaction creates an end-to-end crypto trading and reconciliation platform, and brings Interchange co-founders and crypto veterans Dan Held and Clark Moody to Kraken.
Together with Cryptowatch, Kraken’s multi-exchange charting, trading and portfolio-tracking platform, Interchange will provide investors and traders with an end-to-end solution to manage and optimize their portfolios.
The addition will enable Cryptowatch to offer an enlarged 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 index products via Kraken’s CF Benchmarks business (formerly known as Crypto Facilities Indices).
This acquisition follows the one of Cryptofinance.ai, a software tool that provides access to prices and market data from more than 50 exchanges, as well as blockchain network data delivered via Google Sheets.
In February this year, Kraken bought Crypto Facilities, now known as Kraken Futures.
Interchange offers professional-grade accounting and portfolio reconciliation tools designed specifically for the nuances and complexities of digital asset markets. The solution enables institutional investors to monitor and report their cryptocurrency holdings. The company is now servicing over 60 institutions, including fund administrators and hedge funds.
Clients including MG Stover, a large fund administrator for digital asset funds.
Founded in 2011 and led by Jesse Powell, CEO, Kraken is a global digital asset exchange used by over 4 million traders, institutions and authorities across the world. In 2018, the exchange processed nearly $90 billion in volume while its OTC desk handled over $2 billion in trades.
Since 2016, the company has acquired major bitcoin exchanges Coinsetter, Cavirtex and CleverCoin; the wallet-funding service Glidera; and the multi-exchange charting, trading and portfolio tracking platform Cryptowatch, expanding its global reach.
Kraken is backed by Hummingbird Ventures, Blockchain Capital and Digital Currency Group, among others.