Payward, the parent entity of cryptocurrency exchange Kraken, has made a significant move in the financial sector by acquiring Bitnomial for up to $550 million. This acquisition brings with it a range of benefits, including access to regulated US derivatives markets.
The transaction includes both cash and equity components, which will result in Payward's valuation being increased to $20 billion. This marks another chapter in Payward's aggressive acquisition strategy, which has seen the company expand its operations through strategic purchases.
Bitnomial is a pioneering crypto-focused entity that holds the complete trio of CFTC licenses necessary for operating a comprehensive US derivatives platform. The acquisition of Bitnomial will enable Kraken to offer spot margin trading, perpetual futures contracts, and options products under CFTC regulatory oversight.