Kraken gobbles up charting and trading platform Cryptowatch

Digital asset exchange Kraken has acquired charting and trading platform Cryptowatch in an undisclosed deal.

Launched in 2014, Crtyptowatch says it’s now used by thousands of traders to charts more than 150 markets in real time and trade as many as 22 digital assets.

The startup claims its active user numbers have grown by 700% over the past two years.

Founder Artur Sapek cited Kraken’s maturity as a bitcoin exchange and approach to security and compliance as a key aspect in his decision to join the company.

He also highlighted the platform’s profitability and ability to sustain itself.

Sapek says the Cryptowatch platform will continue to remain to operate as usual, remaining free and neutral.

Kraken is making immediate usage of the acquisition to launch an upgraded trading interface on its platform.

Kraken CEO Jesse Powel said: “I’m thrilled to welcome the Cryptowatch trading platform and its founder into the Kraken family.

“As the industry’s leading charting tool for traders, we plan to devote more resources and talent to further enhance its offering.

“And we’ve purposed the technology to provide a great new charting and trading platform to Kraken clients as the first step in improving our own interface.”

Kraken has raised $6.5m to date from investors including the Digital Currency Group and Hummingbird Ventures.

The acquisition of Cryptowatch follows a string of four purchase the firm made in 2016, including Dutch bitcoin exchange CleverCoin and digital wallet service Glidera.

Copyright © 2017 FINTECH GLOBAL

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