On March 1, popular cryptocurrency and digital assets exchange, Kraken, announced a major deal detailing the acquisition of Cryptowatch — a charting and trading platform. The deal marks a significant step for Kraken, due to Cryptowatch’s growth in recent years.
Kraken: Acquisition First Step Towards Performance Improvements
Cryptowatch has grown exponentially in the last two years, seeing its active user base increase by 700 percent. The actual number of traders using the platform ranges in the thousands and spans over 150 markets across the cryptosphere.
The platform charts crypto markets and is its primary service, which Cryptowatch does in real-time. However, it also allows users to trade 22 different kinds of digital assets through its platform as well.
Cryptowatch will retain its founder, Artur Sapek. The service’s founder agreed to join Kraken to continue Cryptowatch’s development and help lead development of Kraken’s interface.
Cryptowatch’s growth sparked Sapek’s search for a business to join forces with, calling it the “natural next step.” However, he didn’t have to look far, as Kraken was his go-to choice from the beginning.
“Kraken [has] built a very mature and reliable exchange,” Sapek said, adding that he looked forward to working with them to deliver their product.
Kraken said their clients will reap immediate benefits from the acquisition. Leveraging Cryptowatch’s assets, the exchange has released an upgraded trading interface. The updated interface is now available at Kraken, along with instructions on how to start trading on the platform.
Kraken CEO Jesse Powell said exchange clients, as a result of the acquisition, will “benefit from a more user-friendly interface and a platform with improved performance during periods of heavy traffic.”
A new traffic-optimized codebase, new servers, and reduced per-user loads on the exchange API will reportedly lead the expected performance improvements.
The Future of Kraken and Cryptowatch
According to Kraken, Cryptowatch will remain free, neutral, and publicly accessible. The only difference users should notice, said the exchange, is the potential for faster development and more reliable service.
Additionally, Powell said his team plans to devote more resources to Cryptowatch “to further enhance its offering.”
Furthermore, with this acquisition marking the first step in improving Kraken’s own interface, Powell added that his team has more announcements in the pipeline for 2017.
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Images courtesy of Images Guru, Bloomberg.