We are pleased to announce the appointment of Bivu Das as our new UK Managing Director. Bivu brings nearly two decades of commercial enterprise and fintech strategy development experience to Kraken. His arrival coincides with the UK making important strides to become a globally recognised crypto hub.
Bivu will oversee our extensive network of regulatory, political and commercial relationships as we continue to scale our national footprint. We’re committed to the UK market and accelerating crypto adoption among consumers, pro traders and institutional clients.
“Kraken has long advocated for the potential cryptoassets have to transform how everyday people interact with financial services,” said Bivu Das. “There are millions of people in the UK, as well as globally, that are underserved by the existing financial system. Kraken’s mission of accelerating crypto adoption, paired with an exceptional product offering, mean we can continue to demonstrate crypto’s disruptive potential. I’m proud to drive our UK operation forward and towards this next important phase of Kraken’s journey.”
Prior to Kraken, Bivu co-founded a crypto startup that provides an accessible payment gateway for on-ramping and off-ramping with the digital asset ecosystem. He also led efforts by the popular neobank, Starling Bank, to navigate a hyper-growth stage of its operational development. Bivu started his career in financial services and technology consultancy, working with Big Four professional services firms and UK traditional banking institutions, such as Barclays, KPMG and Deloitte.
Kraken’s UK roots run deep:
- Kraken has over 275 team members located in the UK, along with a substantial UK client base.
- Kraken holds multiple registrations and authorisations to serve UK clients, including:
- An FCA registered cryptoasset exchange provider and custodian wallet provider
- An FCA authorised investment firm operating a crypto derivatives MTF (Crypto Facilities)
- An FCA authorised benchmark administrator (CF Benchmarks)
- Kraken is a market leader in GBP spot trading, with recent estimates indicating that Kraken’s share of GBP trading volume is around 50%.
- Kraken is the Official Crypto and Web3 Partner of Williams Racing. Through this partnership we have:
- Hosted a Fan Zone experience in the heart of London that enabled over 20,000 fans to deepen their connection with the Formula 1 team.
- Organised a one-of-a-kind competition for 20 Williams Racing fans to showcase their NFTs on the back of the team racecar.
- Kraken recently ranked 18th in Newsweek’s Top 100 UK Most Loved Workplaces list, which highlights the crypto platform’s unique employer brand offering.
- Recently, Kraken launched its first brand marketing campaign in the UK and U.S. Entitled See What Crypto Can Be, the campaign showcases crypto’s potential to transform lives and revolutionise finance. Between October and December 2023, Kraken will feature brand advertising across popular London locations and its first-ever video advertisement.
Bivu’s appointment coincides with the UK reaching a critical juncture in its ambition to become a global crypto hub. With the recent implementation of a financial promotions framework for crypto and a broader legislative and regulatory framework well underway, the UK is now providing the regulatory clarity needed to capitalise on the opportunities of this asset class. Kraken will continue to support the UK’s regulatory authorities as they develop a competitive regulatory regime that enables innovation in the sector while protecting consumers from harm.
“There’s an opportunity for firms committed to the UK to continue to engage with regulators as the UK’s framework for cryptoassets takes shape,” Das continued. “Better education and appreciation of the role crypto can play in the financial system of the future will be imperative for the industry to reach its mainstream potential.”
Bivu recently joined Kraken’s UK operation and will succeed Blair Halliday, who will be departing the business shortly, as Kraken’s UK Managing Director.
Tracking crypto adoption in the UK:
- 78% of UK adults have heard about crypto assets, up from 73% in 2020 (according to FCA research).
- 91% of UK consumers that hold savings or investments have heard of cryptocurrencies.
- Around 18% of UK residents have experience investing in cryptocurrencies according to the FSCS (2023).
- The UK has the third largest crypto economy globally in terms of raw nominal volume, at an estimated value of $252.1 billion transacted in the past year.
- Analysis by PwC found that blockchain technology could boost the UK’s GDP by £57 billion by 2030.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptoasset or to engage in any specific trading strategy. Kraken will not undertake efforts to increase the value of any cryptoasset that you buy. Crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. Geographic restrictions may apply.
