Crypto Facilities, a subsidiary of Kraken, the largest cryptocurrency exchange in Europe by euro trading volumes, has become the first cryptocurrency company to obtain a Multilateral Trading Facility (MTF) license from the UK’s Financial Conduct Authority (FCA).
With this new license, Crypto Facilities will be able to expand its product range and better serve institutional clients who are mandated to trade on licensed platforms.
Kraken acquired Crypto Facilities back in 2019.
Additionally, it will be the first authorized derivatives marketplace in Europe offering leveraged trading of cryptocurrencies. Leveraged, cash-settled futures contracts offer a valuable tool for traders seeking exposure to bitcoin and other crypto-assets without holding or accepting delivery of the product.
“We undergo these licensing efforts because Kraken is about making crypto accessible for everyone,” said Jesse Powell, CEO, and Cofounder of Kraken. “This particular license means that a sophisticated class of investors, limited by their own requirements to interface with a regulated venue such as an MTF, will now have access to crypto derivatives in Europe for the first time. More participants means more liquidity and a better experience for everyone.”
“Crypto Facilities has pioneered cryptocurrency derivatives since 2015. We are proud to now become the first licensed cryptocurrency derivatives exchange outside of the US.” said Timo Schlaefer, CEO of Crypto Facilities.