Cryptocurrency exchange Kraken announced on Wednesday it has acquired Interchange, an accounting, reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers and fund administrators. Kracken claims the acquisition creates the “world’s first” end-to-end crypto trading and reconciliation platform.
“Interchange offers professional-grade accounting and portfolio reconciliation tools designed specifically for the nuances and complexities of digital asset markets. Founded to improve access to crypto markets, Interchange enables institutional investors to better monitor and report their cryptocurrency holdings. In less than a year, the Interchange team has brought a new, next-generation product to the institutional marketplace, and is servicing over 60 institutions, including fund administrators and hedge funds. Clients including MG Stover, the world’s largest fund administrator for digital asset funds, value the reliability and intuitive nature of the software.”
While sharing more details about the acquisition, Jesse Powell, Kraken CEO, stated:
“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.”
Dan Held, Co-Founder of Interchange, went on to add:
“With Interchange, we set out to build best-in-class tools for institutional traders. Becoming part of the Kraken family will enable us to improve our core portfolio reconciliation product, while creating new possibilities for our clients who will now have easy access to Kraken’s cutting-edge suite of products.”