Cloud firm Beeks Financial has struck its first partnership with a crypto exchange in a deal with San Francisco firm Kraken.
Under the terms of the partnership, Beeks will offer low-latency, institutional-grade infrastructure from Kraken’s European data centre, while Kraken will rent cloud compute from Beeks’ Exchange Cloud offering.
The revenue sharing agreement, with revenue recognition set to commence in the second half of this year, will allow Kraken customers to benefit from higher trading speeds in Europe. The crypto firm has over 13m customers worldwide.
Shannon Kurtas, Head of Trading at Kraken, commented: “Kraken has spent over a decade continuously enhancing our infrastructure and technology, but we recognise that many of our clients require ultra-low latency for their trading strategies.
“By working with Beeks Exchange Cloud, we’re ensuring that clients who need high-speed execution can optimise their trading strategies while benefiting from the security and reliability of Kraken.”
It comes as Beeks hailed another period of double-digit growth, with revenues for the latter six months of 2024 rising 22% to £15.8m.
Pre-tax profits saw a near trebling to £460k, while the Renfrew-based business said its outlook was in line with market expectations.
CEO Gordon McArthur said: “Our unique proposition has the potential to transform the future of cloud technology in capital markets.
“The regular flow of new contracts and the conversations currently taking place with Tier 1 organisations around the world reflects the value of our offering.”
Beeks shares dipped 0.5% to 252p in early London trade. The stock is up by nearly 50% over the past year.
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