Beeks Financial Cloud Group plc (LON:BKS), a cloud computing and connectivity provider for financial markets, has announced that it has signed a significant new Exchange Cloud contract with Kraken, one of the longest-standing, most liquid and secure cryptocurrency exchanges, based in San Francisco.
With Exchange Cloud already delivering results in the Tier 1 equity exchanges space, this collaboration marks the first cryptocurrency exchange partnership for Beeks. Together with Kraken, Beeks will offer low-latency, institutional-grade infrastructure from Kraken’s European data centre. Kraken will rent cloud compute from Beeks’ Exchange Cloud offering under the terms of the partnership.
The crypto exchange market continues to expand, driven by the growing demand for digital assets. With over 500 cryptocurrency exchanges globally with clients that value high-speed trading, this partnership offers exposure to a broad, new customer base where there is significant scope for Beeks to scale.
This partnership is a revenue share deal, which brings various commercial benefits including shortened sales cycles and higher profitability; revenue recognition is set to commence in H2 FY25. With Kraken’s large customer base of around 13 million clients, this partnership offers significant opportunity to drive revenue growth. This latest win marks another significant customer to have signed up to Exchange Cloud.
Shannon Kurtas, Head of Trading at Kraken, commented: “Kraken has spent over a decade continuously enhancing our infrastructure and technology, but we recognise that many of our clients require ultra-low latency for their trading strategies. By working with Beeks Exchange Cloud®, we’re ensuring that clients who need high-speed execution can optimise their trading strategies while benefiting from the security and reliability of Kraken.”
Gordon McArthur, CEO at Beeks, commented: “This partnership is a significant milestone for us as it marks the first step into the crypto platform space. We are proud to support Kraken and its clients and are looking forward to working alongside them to continue innovating the trading landscape in crypto markets.”
