2 November 2024
Crypto Exchange Kraken to Go Public in 2022
Kraken, a prominent U.S.-based exchange, is reportedly considering going public through a direct listing in 2022 after seeing record trading volumes and new clients amid a Bitcoin price surge.
Founded in 2011, Kraken is one of the world's biggest crypto exchanges. It has more than 6 million users and is the fourth-largest exchange by trading volume, as per CoinMarketCap data.
Jesse Powell, Kraken's CEO and co-founder, said in a CNBC interview that the firm had benefited significantly from the Bitcoin rally. He also stated that gains the firm made as of February had beaten the entirety of those made in the previous year.
Bitcoin hit a record high price of over $60,000 in mid-March, with traders attributing the move to institutional investors jumping into the market. During this period, Giant institutions like Tesla, MicroStrategy and various others have made huge investments into BTC.
Kraken's main rival Coinbase revealed that it is set to go public via a direct listing in the coming weeks. This listing could push the value of the firm to over $100 billion. Coinbase also recently announced a record quarterly revenue of $1.8 billion in the Q1 of 2021.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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