One of the largest cryptocurrency exchanges in the world, Kraken, has partnered with a German company to increase its presence in the European market.
“German consumers will have access to a variety of new crypto products with a specific offering powered by DLT Finance beginning around July 10, 2024,” the exchange said.
BaFin is the German counterpart to the SEC, and DTL Finance is both an investment business and a custodian of cryptocurrency assets licensed by BaFin.
The CEO of Kraken, David Ripley, expressed his belief that the innovative product suite and outstanding local language client service assistance will appeal to potential customers as crypto becomes more widespread throughout Europe. He pointed out that over 5% of Germans currently possess cryptoassets.
In addition to registering as a Crypto Service Provider (CSP) in the Netherlands this year, operationalizing Virtual Asset Service Provider registrations (VASPs) in Ireland, Italy, Spain, and Belgium in 2023, and obtaining an E-Money Institution (EMI) authorization from the Central Bank of Ireland last year, Kraken has announced its intent to acquire Coin Meester B.V. (BCM), a crypto broker in the Netherlands.
Therefore, the exchange is focusing on the European market due to the much clearer regulations there compared to the US market, where crypto entities are left to wonder who the SEC chair, Gary Gensler, plans to sue over dinner.
While France and Germany have both been welcoming to the cryptocurrency industry, acceptance in Europe is still lower than in the United States.
Ten percent of Europeans own cryptocurrency, compared to twenty percent of Americans. It is not apparent what is generating this difference, but language could be a factor.
Italy, Spain, Poland, and Greece aren’t as sophisticated as Paris or London when it comes to English proficiency; the same goes for Germany or countries like Denmark.
There is a language and skills divide in Europe, but if the industry expands, it may help bring crypto usage up in the largest single market in the world.
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