Kraken Exchange To Go Public Prior End Of 2022.
2021-06-17 | Eddy Morgan
Kraken CEO Jesse Powell has added that the cryptocurrency exchange could go public before the end of 2022.
Powell
revealed within his official interview with Bloomberg TV, adding that the move would be a natural progression for
the corporate in its mission to “bring
crypto to
the world.”
In line with Powell, Kraken is presently doing “prep work” toward going public
within the next 12 to 18 months. Moreover, the exchange CEO
didn't offer a target valuation for the upcoming float.
Also earlier in June, Kraken was reconsidering earlier plans to pursue
an immediate listing path toward becoming a public company, given the lackluster performance of Coinbase's launch earlier in mid-April.
Moreover, in March, a Kraken spokesperson claimed that
the firm was “too big”
to go public via a merger with a SPAC [Special-Purpose Acquisition Company].
With the SPAC & direct listing route probably off the table, Powell's latest announcement might mean Kraken is poised to pursue an IPO [Initial Public Offering].
Kraken recently secured backing from RIT Capital Partners, a $5.3 Bln
investment company. The fourth-largest exchange by trading volume,
consistent with CoinMarketCap data,
is also reportedly set
to boost additional capital
to place its valuation north of the $10 Bln benchmark.
With over 6 Mln users and an operating presence in about 190 countries, the 11-year-old exchange
is additionally looking to expand its reach, with India being touted as a possible destination. Kraken is
one among 3 major exchanges looking to service India's estimated 15 Mln cryptocurrency investors even amid
the present regulatory uncertainty within the country.
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