Kraken said to be raising new funding at over $10 billion valuation: report

Feb 26, 2021 | The Block News | 0 comments


Crypto exchange-operator Kraken is reportedly seeking to rake in new cash from a raise that could value the firm above $10 billion. 

As per Bloomberg News, the U.S. exchange is in talks to raise funds from firms including Fidelity, Tribe Capital and General Atlantic.

The report added that while the terms aren’t final, the exchange could nab a valuation above $20 billion if there is high enough demand.

On Thursday, Kraken’s rival Coinbase submitted a public S-1 filing, which sets the stage for its direct listing on Nasdaq under the ticker symbol ‘COIN.’

The filing offers insight into the growth of the crypto exchange’s business units on the back of bitcoin’s price rally last year. Coinbase posted $1.1 billion in net revenue for 2020, which more than doubled since 2019. It also brought home $322.3 million in profit last year after a $30 million net loss in 2019.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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