Hassan Maishera
TL;DR
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Kraken is planning to carry out a funding round before its IPO.
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The crypto exchange intends to raise $100 million in the pre-IPO funding round.
Kraken Eyes $100m in Funding Before its IPO
Kraken, one of the leading cryptocurrency exchanges in the world, is considering a funding round as it plans an initial public offering (IPO). This is according to a Bloomberg report on Thursday.
Citing people close to the matter, Bloomberg reported that Kraken seeks to raise over $100 million in a pre-IPO round as more investors become interested in the cryptocurrency market.
The sources added that if Kraken finalizes plans to raise more funds, the round could be completed by the end of the year.
While commenting on this report, Kraken said,
“We are always exploring strategic paths toward Kraken’s Mission: accelerating the global adoption of crypto. We remain fully focused on investing in this goal.”
The sources also told Bloomberg that Kraken plans to launch an IPO as soon as next year. However, to carry out its IPO plans, Kraken needs to attract an excellent company onto its board.
Kraken is seeking to become the next US-based cryptocurrency exchange to go public after Coinbase went public in April 2021.
