Kraken CEO Jesse Powell has revealed that the crypto exchange could go public before the end of 2022.
Powell said this during an interview with Bloomberg TV, stating that the move would be a natural progression for the company in its mission to “bring crypto to the world.”
According to Powell, Kraken is currently doing “prep work” toward going public in the next 12 to 18 months. However, the exchange CEO did not give a target valuation for the upcoming float.
Earlier in June, Cointelegraph reported that Kraken was reconsidering earlier plans to pursue a direct listing path toward becoming a public company, given the lackluster performance of Coinbase’s launch back in mid-April.
Indeed, in March, a Kraken spokesperson claimed that the company was “too big” to go public via a merger with a special-purpose acquisition company (SPAC).
With the SPAC and direct listing route probably off the table, Powell’s latest announcement might mean Kraken is poised to pursue an initial public offering.
Kraken recently secured backing from RIT Capital Partners, a $5.3 billion investment trust. The fourth-largest exchange by trading volume, according to CoinMarketCap data, is also reportedly set to raise additional capital to put its valuation north of the $10 billion mark.
With over 6 million customers and an operating presence in about 190 countries, the 11-year-old exchange is also looking to expand its reach, with India being touted as a possible destination. Kraken is among one of three major exchanges looking to service India’s estimated 15 million cryptocurrency investors even amid the current regulatory uncertainty in the country.
Sourced from cointelegraph.com.
Written by Osato Avan-Nomayo on 2021-06-17 11:11:03.