Kraken Installs Crypto OTC Guru as Head of Dev for Bitcoin Futures Platform

United States cryptocurrency exchange Kraken has hired the ex-managing director of over-the-counter (OTC) trading platform B2C2 to head of development at its new Bitcoin futures operation.

Kevin Beardsley, who previously led the United Kingdom-based company for a year, will now oversee Kraken Futures’ expansion as volumes hit $2.5 billion in June. 

Beardsley confirmed the news linking to comments he made to cryptocurrency news outlet The Block. 

“Being a pretty wide range of different types of participants, I have a pretty good understanding of what people are looking for and how to meet those needs,” he said. 

Kraken acquired its futures operation earlier this year. Formerly known as Crypto Facilities, the operation is still based in London.

Going forward, the exchange, which raised $13 million in funding last month, will compete with an increasing variety of futures options for cryptocurrency, several of which are surfacing from other trading platforms such as Binance and Huobi. 

2019 is set to see multiple launches, with Bakkt, the institutional-grade crypto trading ecosystem, beginning testing of its futures product this week. 

Cryptocurrency-focused B2C2 is already pursuing expansion of its own meanwhile, hiring Wall Street veteran Rob Catalanello in March as it eyed the U.S. market.

Disclaimer: An earlier version of this article said that Kevin Beardsley had been CEO of B2C2 and would be CEO of Kraken’s Bitcoin futures platform, while his actual title was managing director and will be head of development.