Kraken Looks To Futures With $100m Swoop

Lisa Smith, BA (Hons), CeFA

Cryptocurrency exchange Kraken has made a $100 million swoop to snap up a British firm that works out the price of Bitcoin futures.

Crypto Facilities is an index provider that calculates the value of Bitcoin, ether and other cryptocurrencies for CME Group’s futures and indices.

Kraken confirmed the deal, but declined to discuss the financial details.

Crypto Facilities also operates a cryptocurrency derivatives trading platform, which lets users buy and sell futures for bitcoin, ether, XRP, litecoin and bitcoin cash.

Some Kraken customers will have access to futures on six cryptocurrency pairs, said the exchange.

“Over the coming months, our teams will continue to enhance and expand these offerings,” Kraken Chief Executive Jesse Powell said.

Kraken is one of the largest American cryptocurrency exchanges and has more than 4 million clients in over 190 countries.

National cryptocurrency scam warning

Scammers claim the government in Singapore is backing a new cryptocurrency.

May Code Trader Group brazenly advertises the coin was launched on January 19 with government support and that the group is the only distributor authorised to trade the cryptocurrency.

The government says the claims are untrue, no official cryptocurrency is in circulation and potential investors should be cautious of the claims.

“The Monetary Authority of Singapore (MAS) has warned the public about an alleged scam claiming that a cryptocurrency is officially adopted by the government. This scheme is spread through websites that offer crypto investment using false government data,” says a Tweet from the regulator.

Crypto sponsor for F1’s Red Bull

F1 racing team Red Bull Aston Martin have strapped themselves for a ride beside cryptocurrency Futurocoin.

Futurocoin are the first cryptocurrency to sponsor a F1 team, although several other teams are exploring blockchain applications.

“In recent years, the rise of blockchain technology and cryptocurrencies has been truly remarkable, and we’re delighted to be the first Formula One team to embrace this, through our partnership with FuturoCoin,” said Red Bull’s team principal Christian Horner.

“Secure digital currencies are on the leading edge of technological development and we are very excited to be part of this revolution.”

Futurocoin has published a photo of a racing helmet with the soccercoin branding.

Red Bull is one of the leading F1 teams with drivers Pierre Gasly and Max Verstappen.

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