Long Beach (CoinChapter): Crypto exchange Kraken is considering going public through a direct listing in 2022. The decision is motivated at least partly due to seeing record trading volumes and new clients amidst the Bitcoin surge.
In an interview with CNBC, Kraken CEO Jesse Powell said the firm benefitted significantly from Bitcoin’s March rally. “For us, any volatility is good but it’s always better when it’s on the way up,” Powell said. “The first quarter just completely blew away the entirety of last year. We beat last year’s numbers by the end of February. The whole market has really just exploded.”
Kraken saw four times as many new users in the first quarter of 2021 than it did in the second half of 2020. Furthermore, spot trading volumes in the first quarter were 1.5 times higher than in all of last year, reaching a record level of $160 billion.
Kraken is already set to go public next week in a direct listing that could value it at as much as $100 billion. Now Powell says a stock market debut could come in 2022. “We’re looking at being able to go public sometime next year,” he said. “It would probably be a direct listing, similar to Coinbase.”
Kraken in talks with investors for new round of funding
Furthermore, Kraken is currently in talks with investors for a new round of funding. This could potentially value it at $20 billion. “We have been in some talks to do another round,” Powell added. “We’ve kind of been delaying a bit to see where the Coinbase valuation comes in at. I suspect that the price is gonna pump much higher than it has been trading at.”
Powell continued, “We’re not in a rush to raise capital. The reason to do it would just be to bring on some more strategic investors who can help us with geographic expansion and growth.”
The Kraken CEO also spoke on the rise of NFTs. He believes the rise of NFTs led to an increased interest in altcoins as well, particularly Ethereum. “A lot of NFTs are created on Ethereum, a lot of these platforms operate on Ethereum.”
Jesse Powell also mentioned the likes of Flow and Filecoin as digital currencies that others are turning to.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
LAGOS (CoinChapter.com) — A new study has found that the adoption of cryptocurrency will continue to rise and the...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.