Share this article
Bitcoin Exchange Kraken Acquires Coinsetter, Launches US Trading
Kraken has announced it has purchased Coinsetter in what amounts to one of the larger mergers of notable brands in the bitcoin ecosystem.
By Pete Rizzo
Updated Apr 10, 2024, 2:06 a.m. Published Jan 19, 2016, 2:57 p.m.
Make us preferred on Google
Bitcoin exchange Kraken has announced it has purchased Coinsetter in what amounts to one of the larger mergers of notable brands in the bitcoin ecosystem.
As a result of the undisclosed deal, Kraken’s exchange will now be available in 37 US states as well as all 10 Canadian provinces. Coinsetter had previously acquired Canadian bitcoin exchange CAVirtex in April, months after it would close citing security concerns.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The sale of New York-based Coinsetter, rumored for months, follows an influx of new and well-capitalized entrants in the US bitcoin exchange market, which has seen startups such as Coinbase, Gemini and itBit launch regulated services from New York. Long a platform for institutional traders, Coinsetter raised just over $2m since its founding in 2012, the most recent $1.26m round coming at the end of 2014.
For Kraken, the acquisition comes six months after the San Francisco startup revealed it would not apply for a ‘BitLicense’ to operate in New York state, and nearly two years after it first halted US deposits due to issues with domestic banking partners.
Since leaving the US in 2014, Kraken has become the leader in the EUR/BTC market. According to data from Kaiko, Kraken posted more than 6,000 BTC in EUR/BTC volume on 17th January, at a time when competing exchanges BTC-e, Coinbase and itBit recorded 856 BTC, 512 BTC and 49 BTC in volume, respectively.
In statements, Kraken CEO Jesse Powell sought to frame the acquisition as one that would bolster the exchange's credentials as it seeks to compete in the global market.
Powell said:
“The consolidation of these three veteran giants is the largest exchange deal to date. Combined, we represent over thirteen years of bitcoin exchange experience in an industry that is only seven years old. Kraken has big, exciting plans for 2016.”
As part of the deal, client accounts on CAVirtex and Coinsetter will be migrated to Kraken’s platform on 26th January. Two undisclosed employees will be absorbed by Kraken as part of the deal.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinsetter and Kraken.
Puzzle pieces image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
What to know:
- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
Top Stories
