California based Kraken to go public next year

Kraken to go for public listing in 2022
  • The company is considering a direct stock market listing
  • The current value of Kraken is $4billion, and it will reportedly be going to be $10billion for its next private funding round
  • One of the main competitors of Kraken is Coinbase.

The California based Kraken will soon go Public next year via the direct market listing. The valuation is put to $100billion as of now. However, the CEO of Kraken said that the exchange would go for public listing only with the right price.

Kraken might go for public listing.

The American Cryptocurrency Exchange Kraken might soon go for public listing next year. The exchange will go through a direct market listing. The Exchange is based in California and had planned to go for public listing for quite a long time now. 

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The news of the exchange to go public was first reported by Charles Gasparino, Fox Business Reporter, on Twitter, where he shared to the world that there could be a traditional initial public offering (IPO) or a merger with a blank check acquisition company.

While talking to CoinDesk, the crypto exchange has shared that the company is considering a direct stock market listing. They are not looking forward to a SPAC merger as it is too big to do it. In a direct listing, the company will not issue any additional stocks. 

Initial Public Offering war

Coinbase is one of the main competitors of Kraken. It is one of the largest crypto exchanges based in the United States. Coinbase is going public through a direct listing later this month, and the process for its development has begun first hand. The exchange’s valuation is put to $100billion, making it the largest stock market debut so far. On the other hand, an Israeli trading exchange is going to the SPAC way for public listing. 

After Coinbase, Kraken is the next big crypto exchange in the US. The exchange is looking to expand its services. It gained a bank charter in 2020 under Wyoming’s special purpose depository institutional law. 

Jess Powell CEO of Kraken

In his earlier addresses to the public, Kraken CEO Jess Powell had given a hint to go public. The decision did not surprise the traders, as the intentions were made clear already. Yet, the valuation remains a big question for many. 

The current value of the exchange is $4billion, and it will reportedly be going to be $10billion for its next private funding round, which is speculated to go up to $20billion. Powell has made it clear that the exchange would go public with the right price policy. 

ICE-owned Bakket is following the suit like Kraken to go for SPAC merger. However, there is no official confirmation received from the company yet. 

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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