Kraken Exchange Doubles Its Existing Valuation To Over $10 Bln Now.
2021-02-26 | Big Bob
Leading the United States-based cryptocurrency exchange Kraken is reportedly in talks for
a new funding round
that would double the firm’s existing valuation to $10 Bln, or even more.
In line with
Bloomberg, that cited anonymous sources claiming Kraken is in discussions with top investors along with, Fidelity, Tribe Capital, and General Atlantic.
One of the sources estimated Kraken’s valuation could soar as high as $20B Bln
counting on demand.
Earlier in 2019, Kraken used the
cryptocurrency-friendly investment platform Bnk for
the longer term to boost $13.5 Mln from
over 2k participants at a $4 Bln valuation.
The news comes amid anticipation for Coinbase’s direct listing IPO, with Coinbase’s
market price recently rocketing
to just over $100 Bln
supporting secondary
trade privately-held
shares.
In line with crypto market data aggregator CoinMarketCap, Kraken processed nearly $2 Bln in volume over the past 24-hours, while Coinbase hosted $3.85 Bln over
the same period of time.
The news about the reported raise comes
less than one week after several of its users threatened
action over the violent 22
nd Feb. flash crash that saw Ethereum
move for just $700 USD on Kraken while rival exchanges had prices above $1,300 USD. The pricing triggered cascading liquidations on the platform.
Despite
involves refunds from affected margin traders, Kraken has
indicated it'll not refund users for losses or roll back trades.
Also earlier on 22
nd Feb., Kraken revealed
a record for daily volume,
hosting over $4 Bln worth of spot trades within 24 hours.
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