Kraken Acquiring Coinsetter and Cavirtex to Expand in US and Canada

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Acquiring Coinsetter and Cavirtex

We are pleased to announce that we are acquiring major exchanges Coinsetter and Cavirtex. NYC-based Coinsetter, founded in 2012, is one of America’s most prominent national bitcoin exchanges, and Cavirtex, founded in 2011, is Canada’s first bitcoin exchange with the highest historical trading volume. These two acquisitions set the stage for an immediate and significant expansion into prime North American markets.

Already the world’s largest bitcoin exchange in euro volume and liquidity, Kraken will fully absorb both Coinsetter and Cavirtex brands in the acquisition. Client accounts of both exchanges will be automatically transferred to Kraken’s cutting edge, low fee platform on January 26, 2016. Once transfer is completed, account holders will be directed to www.kraken.com to login, update account information if needed, and can begin trading immediately.

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Expanding in the US with domestic USD payments in 37 states and Washington DC

In a related deal, we are also pleased to announce a partnership with American payment provider SynapsePay to allow rapid, low-fee domestic USD deposits and withdrawals to individual and institutional clients in 37 US states and Washington DC. For the first time, the vast majority of Americans will have access to our full suite of advanced exchange services including seamless bitcoin-dollar (XBT/USD) trading. For more details, including regions supported, transfer options, and pricing, please see below or visit www.kraken.com.

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Free USD & CAD deposits through April 1, 2016

To celebrate the acquisition and US expansion, through April 1, 2016 all American and Canadian clients, including Canadians living abroad, will enjoy free deposits on Kraken’s trusted, next-generation bitcoin exchange. Free USD deposits are through payment provider SynapsePay and free CAD deposits are through payment provider Vogogo. For more details, including regions supported, transfer options, and pricing, please see below or visit www.kraken.com.

A beneficial consolidation of power in the industry

Clients across the globe will receive the benefits of Kraken’s leading and ever-improving platform. Outbound Coinsetter CEO Jaron Lukasiewicz said, “I’m excited what our acquisition by Kraken means for Coinsetter and Cavirtex customers, who will all benefit from Kraken’s leading platform, global team and unparalleled customer service. For years, the teams at Coinsetter and Cavirtex have worked closely with traders, bitcoin companies and investors to advance the burgeoning bitcoin space in North America. We are confident that Kraken is the right world-class company with the resources, vision and drive to successfully carry our torch far into the future.”

For strategic reasons, including a cautious approach to compliance, Kraken had previously concentrated on developing market share outside the US, especially in Europe where Kraken has become the dominant exchange for bitcoin-euro (XBT/EUR) trading. “The acquisition of Coinsetter and Cavirtex marks the beginning of a new era for Kraken,” said Kraken CEO Jesse Powell. “The consolidation of these three veteran giants is the largest exchange deal to date. Combined, we represent over thirteen years of bitcoin exchange experience in an industry that is only seven years old. Kraken has big, exciting plans for 2016. This year we will fully leverage what we’ve built as the world’s most trusted and secure bitcoin exchange. This is the year that we make long strides to capture key markets and crank up the volume. This is the year of the Kraken.”

Details for American clients

States supported: AL, AR, AZ, CA, CO, DC, DE, GA, IA, ID, IL, IN, KS, MA, ME, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OK, OR, PA, SC, SD, TX, UT, VA, VT, WA, WI, WV, WY.

Payment provider: SynapsePay

Fiat deposit options and pricing: Domestic wire, free until April 1, 2016. At expiration of the promotional period, deposits are $5 flat.

Fiat withdrawal options and pricing: Domestic wire withdrawals are $5 flat.

Exchange pricing: Maker-taker model with trade fees ranging from 0% to 0.26%.

Details for Canadian clients

Provinces and territories supported: All (Canadians residing abroad also eligible).

Payment provider: Vogogo

Fiat deposit options and pricing: Interac and EFT, free until April 1, 2016. 1% deposit fee after April 1, 2016 ($10 CAD min and $50 CAD max for both Interac and EFT).

Fiat withdrawal options and pricing: EFT only (through Vogogo), $10 CAD flat.

Exchange pricing: Maker-taker model with trade fees ranging from 0% to 0.26%.