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Crypto Exchanges Dipping Into The Stock Market: Kraken following Coinbase’s Footsteps

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Kraken – the cryptocurrency exchange – is considering going public in 2022 through direct listing. The crypto exchange has reported record high trading volumes amidst the bull run. With the market capitalization of Bitcoin having surpassed $1 trillion, the king of cryptocurrencies is pulling up the whole market with itself.

Kraken is the fourth largest cryptocurrency exchange in the world in terms of trading volume. The exchange was founded in 2011, and currently, boasts around 6 million clients worldwide.

Kraken’s CEO, Jesse Powell, stated in an interview to CNBC that the exchange was able to surpass last year’s numbers in just the first quarter of 2021. The exchange observed four times more new user signups than the second half of 2021. The spot trading volumes also reached a record level of $160 billion.

The listing of Kraken’s competing exchange may also have played a role in the decision of Kraken. Coinbase has announced its NASDAQ listingto be held on 14th of April. Coinbase, too, has reported a record high quarterly earnings of $1.8 billion in the first quarter of 2021. The Kraken rival’s direct listing could value the exchange at a whopping $100 billion.

Jesse Powell also disclosed, in his CNBC interview, that kraken is waiting on Coinbase to see where its value lies. Kraken is in talks with investors regarding funding but the main focus of the exchange is on geographic expansion and growth.

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