Global digital asset exchange Kraken has announced the acquisition of the wallet funding service Glidera. Chicago-based Glidera is a non-custodial buying and selling service for wallets that has grown since its launch in 2015 to integrate with 10 major bitcoin wallets. The terms of the deal were not disclosed.
This marks the latest in a series of purchases by Kraken as it acquired bitcoin exchanges Coinsetter, Cavirtex and Clevercoin. The acquisition of Glidera reinforces Kraken’s commitment to mutually beneficial consolidation in the digital asset space and marks the brand’s first step towards a global ecosystem of complementary services clustered around its core exchange business. In addition to using Kraken for leveraged margin trading and exchange between 11 digital assets and 5 national currencies worldwide, the acquisition means that clients will soon be able to experience direct one-click buying and selling of bitcoin and other digital assets via convenient payments like ACH transfers.
In the announcement, Kraken CEO Jesse Powell outlined plans to bring Glidera under Kraken’s global umbrella and the benefits for clients as one service inherits strengths from the other. Effective immediately Glidera’s service is being expanded to support most US states. Benefits from the integration were described as exchange clients in the US gaining the added convenience of ACH bank payments to fund their trading accounts, the ability to access both the wallet funding service and the exchange service via a single account, access to the same year-round support and live chat currently available to Kraken exchange clients, and that Glidera will add wallet funding support for some of the popular alternative digital assets that Kraken currently offers for exchange, such as Ethereum and Zcash.
Glidera will now be rebranded under the name ‘Kraken Direct’ and its funding service, currently available in the US only, will be expanded to support many of the countries and national currencies worldwide now serviced by Kraken, including Europe, Japan, Canada, and the UK.
Powell staed: “This acquisition rounds out a fantastic year for Kraken. We’ve seen incredible growth throughout 2016 across all areas of our business. We’re looking forward to an even better 2017 with this acquisition and our new ‘Kraken Direct’ service playing a key role.”
Benefits that Glidera brings to Kraken include its position to never takes custody of customers funds during the process, leaving them in control of their own finances. Glidera currently supports around 10 wallets including Airbitz, Copay, Mycelium and Multibit, with more in development. Glidera provides a funding bridge to the traditional financial system through its API interface and manages all of the legal and compliance aspects so developers can focus on development. It also offers a revenue-sharing program, providing a continual stream of revenue instead of a one-time sign-up bonus.
Dave Ripley, co-founder and CEO of Glidera, said: “We’re thoroughly excited to merge with Kraken and bring even more value to our clients and partners. Kraken has built an incredible global platform and a talented team who share our view that partnerships are key to building the digital asset ecosystem.”