Payward, the parent company of Kraken, has announced a significant move in the cryptocurrency space by entering a definitive agreement to acquire Bitnomial, a US-licensed cryptocurrency and derivatives exchange, for $20 billion. Bitnomial is notable for being the first crypto-native exchange in the U.S. to secure all three regulatory licenses from the Commodity Futures Trading Commission (CFTC), positioning it as a key player in the evolving digital asset landscape.
This acquisition is pivotal as it enables Payward to leverage Bitnomial’s robust infrastructure for crypto settlement and trading, facilitating spot margin trading, perpetual futures contracts, and options for U.S. clients. This move aligns with Kraken’s recent expansions into tokenized stocks and securing a limited-purpose account with the Federal Reserve, enhancing its operational capabilities in a market that has lacked adequate clearing infrastructure for digital assets.
For market professionals, this acquisition underscores the growing institutional interest in regulated crypto trading platforms and highlights the potential for increased liquidity and product offerings in the cryptocurrency derivatives market.
Source: cointelegraph.com