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Thursday, June 20, 2024

Kraken Raises $100 Million in Preparation for IPO

One of the world’s largest cryptocurrency exchanges, Kraken, is making significant strides toward going public. According to Bloomberg, the U.S.-based company is aiming to secure $100 million in funding by the end of the year to support its Initial Public Offering (IPO) plans.

Kraken’s intention to go public has been under consideration for years, but the company has yet to provide any official comments on the matter. Currently, Coinbase remains the only major crypto exchange publicly listed, having launched its IPO in April 2021.

Founded in 2011, Kraken has grown to become a dominant player in the global crypto exchange market. In addition to its IPO ambitions, the company is set to expand its operations into stock trading by 2024, with the necessary licenses already in place.

Kraken is also broadening its reach in Europe. The exchange recently secured licenses for crypto trading and custody services in Spain and Ireland. Additionally, Kraken is planning to enter the German market on July 11, 2024.

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