Kraken: Will crypto continue its surge in 2024?

Kraken’s UK Managing Director, Bivu Das, says: "I anticipate 2024 will see other examples of pioneers, from all industries, using cryptoasset technology to improve the efficiency and transparency of transacting between parties in various sectors"
We speak to Kraken’s UK Managing Director, Bivu Das, about the evolution of crypto heading into 2024 after a resurgence to close out 2023

In this interview, we speak to Bivu Das, UK Managing Director at leading cryptocurrency exchange Kraken, on the future outlooks for crypto as we head into 2024. 

Crypto seems to be having a resurgence to close out 2023. Do you think this will continue in 2024? 

Yes, there’s been a revival in crypto trading activity and optimism around the asset class recently. Whilst this may have initially been driven by enthusiasm around the prospect of a US Bitcoin ETF, there are also several exciting milestones on the horizon - including Bitcoin’s next halving and Ethereum’s ‘Dencun’ upgrade. 

The UK is a major part of the global crypto ecosystem, which is why I believe there will be consistent market trading volume here, especially as crypto regains mainstream attention. 

How is the UK progressing towards its ambition of becoming a global crypto hub?

The UK has historically been a leader in developing and adopting cutting-edge technology. Over the last 12 months, the UK has made significant progress towards becoming a global crypto hub, with the release of HMT’s policy statement and an intention to progress crypto legislation next year. 

I foresee this trend continuing in 2024, resulting in the UK being noticeably closer to its objective by the end of 2024. That said, crypto is, and should always, embody the principles of globalisation. 

The UK’s ambition to be a global crypto hub should not be considered a zero-sum game, and the future will likely see several crypto hubs scattered across the world, with London playing a major role in the ecosystem.

How has the UK crypto scene evolved over the last year? 

The most noticeable difference over the last 12 months has been the importance of operating inside of the UK perimeter. 

Previously, crypto firms that had invested in a UK presence and local compliance firms - such as Kraken - were at a disadvantage to firms that were offering services from overseas. 

However, greater regulatory clarity, including the FCA’s financial promotions regime, effectively underscored that firms serving UK clients must adhere to UK regulations. This means that compliance with UK laws has finally been rewarded. 

While this benefits companies that commit resources to UK compliance, it is ultimately UK clients that win with this change. This is because they will have a much clearer understanding of which platforms, products and services meet their trading needs. 

I fully expect this trend – which only really started in 2023 – to gather momentum in 2024.

What role are institutions playing in the crypto ecosystem currently? Are they more or less interested in crypto, compared to last year? 

Institutional interest in crypto is often misunderstood. For a long time, the commentary was that “institutions were coming”, which became a repetitive claim that those within the industry became numb to. 

In reality, institutions have been interested, and actively made strides to be involved in crypto, for quite some time. 

I anticipate during 2024, the incremental gains made to offer regulatory clarity for the asset class in the UK, combined with improved product offerings, will reassure and encourage even more UK-based institutional clients to delve deeper into the ecosystem. 

For example, there is growing demand from institutional investors to have competitive prime brokerage custodial solutions, derivatives products from reputable crypto companies, as well as third-party custody that would enable them to securely explore the ecosystem. 

For this reason, I see institutional trading volume significantly picking up within the UK market, as more products and services come to market that meet the needs and expectations of these institutional investors.

What is the secret to crypto one day being considered successful? 

To me, ironically this will be when we don’t talk about “crypto” as a standalone industry. 

Similar to how there is no longer an “internet industry”, now is the time for crypto to fuse itself with different sectors; and progress has already begun. 

In California, for example, the DMV has been trialing the use of NFTs and digital wallets to transform car title ownership and streamline title transfers between owners. 

I anticipate 2024 will see other examples of pioneers, from all industries, using cryptoasset technology to improve the efficiency and transparency of transacting between parties in various sectors.


Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024


FinTech Magazine is a BizClik brand.


Featured Articles

Remote: Choosing the Right Employer of Record

Remote walks through the green flags to seek and the red flags to avoid when choosing the right employer of record (EOR) for global business expansion

FinTech LIVE London 2024: Key Themes – Part Two

We explore some of the key themes for our upcoming FinTech LIVE London 2024 event, providing you with even more reasons to join us virtually or in-person

FinTech LIVE London: Introducing Three New Speakers

FinTech LIVE London 2024 welcomes Wendy Redshaw, Joanna Pamphilis and Steve Round as the latest speakers joining the show this October

FinTech LIVE London: Group Speaker Announcement

Financial Services (FinServ)

FinTech LIVE London 2024: Key Themes

Financial Services (FinServ)

Want to Become a Media Partner of FinTech LIVE London 2024?

Financial Services (FinServ)