Kraken Enters Prop Trading With Breakout Acquisition
Kraken Expands Into Prop Trading with Breakout Acquisition
Kraken has officially acquired Breakout, a proprietary trading firm, marking its entry into the global prop trading arena. The exchange announced that this acquisition, effective September 1, will allow qualified traders to manage accounts with up to $200,000 in notional capital.
Key Takeaways
- Kraken acquires Breakout to launch a global proprietary trading program.
- Traders can access up to $200,000 in capital upon passing an evaluation.
- Up to 5x leverage available on Bitcoin and Ethereum contracts.
- Traders retain up to 90% of profits.
Program Details
The program requires traders to pass an evaluation based on predefined drawdown limits. Successful participants gain access to funded accounts and can retain up to 90% of the profits they generate.
Arjun Sethi, co-CEO of Kraken, stated, "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."
Key Features:
- Access to over 50 crypto pairs.
- Up to 5x leverage on BTC and ETH contracts.
- Individual funded accounts can access up to $100,000.
- Traders can manage multiple accounts, up to a maximum of $200,000.
Alex Miningham, co-founder and CEO of Breakout, commented, "Breakout gives traders a performance-based starting point. Kraken delivers the scale and tools to grow. Together, both companies form a unified ecosystem that supports the full trader journey from education through independent capital deployment."
The prop trading service will be integrated directly into the Kraken Pro platform, offering eligible users streamlined access.