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Powell said in a statement: “In record time, the digital currency industry has matured. Our MA plans have been accelerated by encouraging news throughout the industry. Prices are rising, the regulatory picture is rapidly clarifying, and clients from around the globe are joining us in record numbers. The acquisition of CleverCoin will empower Kraken with greater liquidity and a significantly expanded customer base in Europe, our flagship market.”
Since the majority of CleverCoin clients are in European countries, the acquisition is expected to have the greatest impact on Kraken’s euro trading pairs. Average weekly volume in these pairs has already been growing at a rapid rate since the third week of April, with an over 4x increase in the bitcoin-euro (XBT/EUR) and ether-euro (ETH/EUR) pairs. The ether-bitcoin pair (ETH/XBT) has seen a massive 9x increase.
In the weeks following Kraken’s acquisition of Coinsetter and Cavirtex on January 19th, Kraken saw big gains in average weekly trade volumes, including XBT/USD (13x increase),