Kraken’s Irish Subsidiary Payward Europe Solutions Receives Authorization from Central Bank of Ireland

According to reports, Kraken’s Irish subsidiary Payward Europe Solutions, registered in Dublin, has been authorized by the Virtual Asset Service Provider (VASP) of the Central Bank of Ireland.

Kraken is authorized as an Irish virtual asset service provider

Kraken, a digital asset exchange company, has announced that its subsidiary, Payward Europe Solutions, based in Dublin, has been authorized by the Virtual Asset Service Provider (VASP) of the Central Bank of Ireland. This news has garnered a lot of attention as it is a significant step forward for Kraken and its expansion into the European market.

What is Kraken?

Kraken is a digital asset exchange based in the United States, with offices in Canada, Japan, and Europe. It was founded in 2011, making it one of the oldest in the industry. Kraken offers its users the ability to buy, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, and many others. It is known for having one of the most comprehensive sets of tools for trading digital assets in the industry, making it a popular platform among seasoned traders.

What is Payward Europe Solutions?

Payward Europe Solutions is Kraken’s Irish subsidiary, which handles the company’s European operations. It was established in 2018 and is registered with the Companies Registration Office in Ireland. The subsidiary’s primary role is to provide payment solutions for Kraken’s European clients, such as bank transfers, debit card purchases, and more. With the authorization from the Central Bank of Ireland, Payward Europe Solutions can now carry out exchange services for cryptocurrencies and fiat currencies, subject to compliance with the relevant regulations.

Why is this authorization significant?

The authorization from the Central Bank of Ireland is a significant milestone for Kraken and its subsidiary. It means that the company is compliant with the regulatory framework set out by the central bank and can provide secure and reliable exchange services to its users. This authorization brings Kraken one step closer to becoming a fully licensed digital asset exchange in Europe, which would allow it to operate more efficiently and with greater legal certainty.

How does this benefit Kraken and its clients?

The authorization from the Central Bank of Ireland enables Kraken to offer a wider range of services to its clients in Europe. It can now provide exchange services for cryptocurrencies and fiat currencies, making it easier for users to buy and sell digital assets on the Kraken platform. The authorization also gives Kraken’s clients peace of mind knowing that the exchange is operating within the legal framework set out by the central bank and is committed to complying with the relevant regulations.

Future plans for Kraken

Kraken has been expanding its operations in Europe over the past few years, and the authorization from the Central Bank of Ireland is a significant step towards its goal of becoming a fully licensed digital asset exchange in Europe. The company has been on an acquisition streak, acquiring several companies, including the Australian BTC Markets exchange, in recent months. With regulatory compliance and sound financial practices being at the forefront of its expansion plans, Kraken is well-positioned to continue growing its user base and expanding its reach in Europe.

Conclusion

Kraken’s authorization from the Central Bank of Ireland is a positive development for the company and its clients. With the regulatory framework set out by the central bank, Kraken’s users can be assured that they are conducting their digital asset transactions in a secure and compliant manner. With plans to expand its operations in Europe, Kraken is committed to providing top-quality services to its clients and growing as a company.

FAQs

Q: What is Kraken?
A: Kraken is a digital asset exchange platform based in the United States that allows users to buy, sell, and trade various cryptocurrencies.
Q: What is Payward Europe Solutions?
A: Payward Europe Solutions is Kraken’s Irish subsidiary that handles the company’s European operations.
Q: What does Kraken’s authorization from the Central Bank of Ireland mean?
A: The authorization means that Kraken is compliant with the regulatory framework set out by the central bank and can provide secure and reliable exchange services to its users.