Kraken has appointed Bivu Das as the Managing Director for the UK. He brings nearly two decades of experience in commercial enterprise and fintech strategy development to his new role. His appointment happens when the cryptocurrency exchange is expanding its services in the region.
Before joining Kraken, Das co-founded a crypto startup that focused on creating an accessible payment gateway for users to enter and exit the digital asset ecosystem. His expertise extends to navigating growth at Starling Bank, a popular neobank.
Kraken Expands Workforce in the UK
Das said: "Kraken has long advocated for the potential [that] crypto assets have to transform how everyday people interact with financial services. There are millions of people in the UK, as well as globally, who are underserved by the existing financial system. Kraken's mission of accelerating crypto adoption, paired with an exceptional product offering, means we can continue demonstrating crypto's disruptive potential."
Das' career started in financial services and technology consultancy, where he collaborated with Big Four professional services firms and traditional UK banking institutions like Barclays, KPMG, and Deloitte.
According to the official statement, Kraken has a team of over 275 members in the UK. The platform holds multiple licences that enable it to serve clients as a Financial Conduct Authority (FCA)-registered crypto asset exchange provider, custodian wallet provider, authorized investment firm operating a crypto derivatives platform, and authorized benchmark administrator.
Taking On UK's Booming Crypto Market
During the announcement of Das' appointment, Kraken cited the growing adoption of cryptocurrencies in the UK, according to research by the FCA. The UK is experiencing an increasing interest in crypto, with 78% of adults having heard about crypto assets, up from 73% in 2020.
Furthermore, 91% of the UK's consumers with savings or investments are familiar with cryptocurrencies. Around 18% of the residents in the UK have invested in cryptocurrencies. The country is reportedly the third-largest crypto economy globally, with an estimated $252.1 billion in cryptocurrency transactions conducted in the past year.
Kraken is actively expanding its services in Europe. At the start of this month, the crypto exchange announced its acquisition of Coin Meester B.V., a Dutch crypto broker. This step followed the introduction of Markets in Crypto-Assets by the European Commission.
Besides that, it obtained an e-money institution (EMI) license from the Central Bank of Ireland and registered as a virtual asset service provider with the Bank of Spain in September. The EMI license enables Kraken's local subsidiary to broaden its services, particularly in euros, through strategic banking partnerships.
This article was written by Jared Kirui at www.financemagnates.com.
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