financemagnates.com
Kraken, a cryptocurrency technology platform, announced it has acquired Breakout, a proprietary trading firm. Breakout provides skilled traders with access to capital for executing strategies at scale.
Kraken Adds Funded Accounts for Traders
“Breakout gives us a way to allocate capital based on proof of skill rather than access to capital itself. In a world that is rapidly shifting from who you know to what you know, we want to build systems that reward demonstrated performance, not pedigree,” Arjun Sethi, co-CEO of Kraken commented.
The acquisition, expands Kraken’s product offerings for advanced traders. Through Breakout, qualified traders can access up to $200,000 in notional capital.
To qualify, traders must purchase and pass an evaluation and maintain performance above set drawdown limits. Traders who meet these requirements receive funded accounts and can retain up to 90% of any profits. Payments are made directly on-demand.
Breakout Traders Gain Access to 50+ Pairs
Kraken said the move supports its goal of enabling experienced traders to deploy capital in crypto markets. Breakout will benefit from Kraken’s infrastructure and global reach. Over time, Breakout will be integrated into the Kraken Pro platform for eligible users.
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Breakout allows traders to develop strategies across more than 50 crypto pairs. Leverage of up to 5x is available on BTC and ETH contracts. Traders must pass evaluations to receive capital and must requalify if drawdown limits are breached.