Cryptocurrency exchange Kraken has announced the completion of its acquisition of trading firm Breakout, which will provide additional services for advanced traders.
Details of the Deal
The acquisition of Breakout was completed on September 1. Users will now have access to more products for experienced traders. Breakout allows users to use up to $100,000 in notional capital per account or up to $200,000 across multiple accounts.
How Breakout Works
Participants must pass an assessment while staying within set drawdown limits. Those who meet the requirements receive a funded account and can keep up to 90% of their profits. The platform provides traders with the ability to use over 50 crypto pairs and obtain up to 5x leverage on Bitcoin and Ethereum contracts.
Management's Perspective
Kraken co-CEO Arjun Sethi emphasizes that Breakout allows for capital allocation based on proof of skill. He noted, "Breakout’s evaluation first model is designed to verify risk discipline, strategy consistency, and real market decision making under pressure. This is not simulation for simulation’s sake. It is a filter for scalable signal."
The acquisition of Breakout enhances Kraken's capabilities in the prop trading sector and provides traders with new tools for implementing their strategies.
