As per Bloomberg’s yesterday report, prominent crypto exchange Kraken is targeting to launch a new round of funding in the hopes of scaling its financial and business outlet. Bloomberg’s report then adds that Kraken is currently in discussions with several high-profile investors, which include Tribe Capital, General Atlantic, and Fidelity.
Notably, Kraken aims to double its present valuation with this new funding round – seeking over $10 billion. In fact, one unnamed source stated that Kraken’s valuation could potentially even shoot up as high as $20 billion, depending on the current demand.
If successful, the target amount is more than five times the exchange’s most previous funding round back in 2019. At that time, Kraken managed to raise over $100 million with a $4 billion valuation, snubbing the conventional project capital path in exchange for pursuing the investment from several accredited investors. While that gamble sounded risky back then, it ultimately paid off.
This newly proposed fundraising round of Kraken came amidst the public’s anticipation for its fellow exchange and adversary, Coinbase’s IPO direct listing with the SEC. Coinmod reported yesterday that Coinbase made its S-1 filing public. It revealed that it made more than $322 million in profit last year alone while also amassing a revenue of over $1.1 billion.