The digital asset trading platform Kraken has acquired Interchange, an accounting, reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers and fund administrators.
“The transaction creates the world’s first end-to-end crypto trading and reconciliation platform, and brings Interchange co-founders and well-respected crypto veterans Dan Held and Clark Moody to Kraken,” says Kraken in a release issued today.
Interchange offers professional-grade accounting and portfolio reconciliation tools designed specifically for the digital asset markets. The firm is currently servicing over 60 institutions, including fund administrators and hedge funds.
Kraken says that together with Cryptowatch – a multi-exchange charting, trading and portfolio-tracking platform – Interchange will provide investors and traders with an end-to-end solution to manage and optimise their portfolios.
The addition of Interchange will enable Cryptowatch to offer products including: historical and real-time data, advanced charting, multi-exchange trade execution, research and insights, accounting and portfolio reconciliation tools, and index products via Kraken’s CF Benchmarks business.
“I couldn’t be more excited to welcome Dan, Clark and the Interchange team to Kraken,” says Jesse Powell, Kraken CEO. “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, adds: “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.”
The Interchange acquisition follows the acquisition earlier this month of Cryptofinance.ai, a software tool that provides access to prices and market data from more than 50 exchanges, as well as blockchain network data delivered via Google Sheets. In February, Kraken announced its acquisition of Crypto Facilities – now known as Kraken Futures – which has been its largest to date.