Cryptocurrency exchange Kraken has just acquired a firm offering a way for institutional investors such as hedge funds and asset managers to better manage their portfolios.
The exchange announced Tuesday that it has bought Interchange, an accounting, reconciliation and reporting service provider that it says offers an “institutional-grade” service.
Interchange notably boasts as co-founders Dan Held, formerly director of product at wallet (and now crypto exchange) provider Blockchain and co-founder of ZeroBlock, and Clark Moody, founder of Blockchain acquired bitcoin trading platform RTBTC.
Kraken’s new acquisition aims to provide institutional investors better tools to monitor and report their crypto portfolios.
According to the press release, Interchange is already providing services for at least 60 institutions, including digital assets accounting and administration company MG Stover.
Kraken says the added service will compliment its multi-exchange charting, trading and portfolio-tracking platform Cryptowatch, allowing it to offer products including historical and current data, advanced charting, multi-exchange trade executions, research and insights, critical accounting and portfolio reconciliation tools, and crypto indices.
Kraken CEO Jesse Powell said:
“I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken. What’s great about Interchange is that it makes accounting, trade reconciliation and reporting so much easier for institutions and individuals trading on Kraken, so our clients can stay focused on tapping the tremendous value that cryptocurrency markets offer.”
The news marks the latest acquisition from Kraken, which has been on something of a spending spree this year.
Just this month, it snapped up Cryptofinance.ai, a software tool providing prices and market data from over 50 exchanges.
More notably, in February, Kraken brought crypto futures exchange Crypto Facilities (now Kraken Futures) into its fold via a deal worth at least $100 million.
Jesse Powell at Consensus 2018 image via CoinDesk archives