The increased demand for cryptocurrencies has put platforms like Binance, Kraken, Coinbase, and several others to work. Kraken seems to be making efforts to spruce up its presence in the crypto-verse. It was recently revealed that Kraken was trying to raise capital to elevate the company’s valuation. While Kraken hasn’t affirmed this news, “a person familiar with the matter” spoke to Bloomberg about the same.
Kraken To Double Its Valuation
As the crypto-verse is close to hitting $2 trillion, several mainstream platforms have been veering into the industry. To further boost its platform, amidst this bull run, prominent cryptocurrency exchange, Kraken will reportedly be raising new capital. With this, the crypto exchange intends to push its valuation to a high of $10 billion or more.
The San Fransisco-based crypto exchange has been taking to companies like Tribe Capital, Fidelity as well as General Atlantic to generate funds. While nothing, including the lead investors, are not settled, the platform hopes to be valued at over $20 billion if the demand is high.
The crypto exchange was recently subject to immense backlash for its flash crash. While the entire crypto-verse was seen enduring a huge fall, Kraken seemed to be the most affected platform out of the lot. BTC was trading below $45K on the exchange while ETH was priced at $700. This drop further initiated the liquidation of leveraged trades.
An array of people took to Reddit to reveal their losses during the crash. One user wrote,
“I lost most of my life savings and haven’t received a response from a human. I’d think they would refund or they would lose all their customers. I’m sick to my stomach but will join the lawsuit with plenty of proof(screenshots) if not refunded”
Just yesterday, news about Coinbase submitting a public S-1 filing surfaced the crypto-verse. This further allowed Coinbase to use the ticker symbol COIN and make its way towards direct listing on Nasdaq.