Crypto exchange Kraken is reportedly eyeing a $10 billion valuation in a new round of funding. Back in 2019, the firm was valued at a modest $4 billion.
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.