Kraken, the cryptocurrency exchange platform, has today announced it has completed the purchase of industry portal site Cryptowatch.
The site, which provides real-time data and market insights for currency traders and stakeholders, has enjoyed rapid growth in recent years, which has seen its user base expand over 700 percent.
Now, with Kraken poised to complete the takeover, the site is expected to embark on the next phase of its growth cycle, as it becomes an increasingly popular online destination for those with a commercial interest in cryptocurrencies, like Bitcoin.
Cryptocurrencies generally rely on blockchain technology, and the distributed ledger system to record transactional and ownership data.
Their decentralized mechanism is the core strength of the system, making it independent of banks and governments, while ensuring more robust security and encryption for data versus conventional models.
Kraken, which currently operates an exchange platform for users to buy and sell cryptocurrencies, has elected to retain the services of Cryptowatch’s founder by agreement, which will see Arthur Sapek continue his work in shaping the future of the site.
CEO Jesse Powell said the acquisition was strategically beneficial for both companies, as well as the wider cryptocurrency sector.
“As the industry’s leading charting tool for traders, we plan to devote more resources and talent to further enhance its offering. And we’ve purposed the technology to provide a great new charting and trading platform to Kraken clients as the first step in improving our own interface.”
Founded in 2011, Kraken already has form for making acquisitions in this space. A number of related companies have been acquired in the last few years, including the likes of Clevercoin and Coinsetter, as the company surges ahead in this emerging space.
At a time when blockchain technologies and digital currencies are continuing to gain traction, analysts are suggesting this could turn out to be a shrewd move from the company, as it looks to grow and consolidate its reach within the sector.
The underlying technologies are expected to introduce a raft of new efficiency gains for different companies, industries and sectors, with a diverse set of potential uses across wider industry.