Fidelity May Join Kraken’s New Funding Round, Exchange Valued at $10 Billion
Kraken is reportedly looking to raise fresh capital from institutional investors.
Share this article
Kraken Chases Coinbase in Funding Round
The crypto exchange is reportedly in discussion with Fidelity, Tribe Capital, and General Atlantic to raise fresh capital. The San Francisco-based company’s valuation could surpass $10 billion depending on the demand.
Despite the heady valuation, the exchange was the center of controversy as the price ETH token dropped $1,000 below its market price on the platform.
Many victims are building a class-action lawsuit against Kraken, as they lost a significant amount of their capital. In an interview with Bloomberg, Kraken CEO Jesse Powell stated that they might help the victims of this incident.
Still, the firm is well-placed given the growing interest among institutional investors and the wider bull run. Kraken’s rival Coinbase is also seeking a listing on NASDAQ via a direct listing. Coinbase was valued at $108 billion on the FTX market.
At present, Kraken processed $2.45 billion in volume during the past 24 hours. Meanwhile, Coinbase Pro processed $4.24 billion in volume during the same timeframe.
The author didn’t hold crypto mentioned in this article at the time of press.