Kraken Acquires Breakout to Expand Digital Asset Services
Kraken announced its acquisition of Breakout to enhance its trading services ahead of a planned IPO, integrating the performance-based proprietary trading platform into its Kraken Pro offering.
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Summary
Kraken has officially acquired proprietary trading platform Breakout, co-founded by TraderMayne and CryptoCred, as part of its expansion ahead of a planned IPO. According to the press release, Breakout allows traders to access notional capital based on performance and will be integrated into the Kraken Pro platform. This move, along with the recent launch of a regulated U.S. futures service, is part of Kraken's strategy to expand its product offerings.
Terms & Concepts
- Proprietary Trading Platform: A trading system developed and used by a company for its own strategies, often to generate direct profits rather than servicing external clients.
- IPO (Initial Public Offering): The process of offering shares of a private corporation to the public in a new stock issuance, allowing the company to raise capital from public investors.
- Futures: Financial contracts obligating the buyer to purchase an asset or the seller to sell an asset at a predetermined future date and price.