Jane

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Tribe

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Kraken says it’s now valued at $20 billion after an $800 million funding round it said would support the US-based crypto exchange’s global expansion.&nbsp;
Kraken <a href="https://blog.kraken.com/news/800-million-raise-to-advance-strategic-roadmap" rel="noopener noreferrer nofollow" target="_blank">said</a> on Tuesday that it raised the capital across two tranches, with the second tranche including a $200 million strategic investment from US market-making giant Citadel Securities at a $20 billion valuation.
It also included a strategic partnership with Citadel, which also pitched in to <a href="https://cointelegraph.com/news/ripple-40b-valuation-citadel-fortress-investment" rel="noopener noreferrer nofollow">Ripple’s $500 million raise</a> earlier this month, which will see the firm offer Kraken expertise on differentiated liquidity provision, risk management and market structure insights.
Kraken’s primary tranche included backing from Jane Street, DRW Venture Capital, HSG and Tribe Capital, alongside a “significant commitment” from the family office of Kraken Co-CEO Arjun Sethi.
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 Source: <a href="https://x.com/arjunsethi/status/1990897718911266817" rel="noopener noreferrer nofollow" target="https://x.com/arjunsethi/status/1990897718911266817">Arjun Sethi</a>
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“With this additional capital, we will continue scaling our global operations, deepening our regulated footprint and expanding our product suite — both organically and through targeted acquisitions,” Kraken said.
Kraken already <a href="https://cointelegraph.com/news/kraken-co-ceo-bashes-uk-crypto-regulations-worse-for-customers" rel="noopener noreferrer nofollow">operates in multiple countries</a>, but the company said it plans to improve its services and offerings while also seeking expansion in new markets across Latin America, Asia Pacific, Europe, the Middle East and Africa.
<h2 id="market-still-murmurs-of-kraken-ipo">Market still murmurs of Kraken IPO</h2>
Kraken has long <a href="https://cointelegraph.com/news/kraken-reiterates-tentative-plans-for-direct-listing-next-year" rel="noopener noreferrer nofollow" target="_self">flirted</a> with the idea of going public. In early 2021, co-founder and then-CEO Jesse Powell even <a href="https://www.bloomberg.com/news/articles/2021-06-17/kraken-ceo-says-crypto-exchange-could-go-public-in-12-18-months63" rel="noopener noreferrer nofollow" target="_blank">said</a> the exchange was targeting an early-2022 listing.
Related: <a href="https://cointelegraph.com/news/scaramucci-invests-100m-trump-bitcoin-miner" rel="noopener noreferrer nofollow">Scaramucci family invested over $100M in Trump’s Bitcoin mining firm: Report</a>
However, despite competing exchanges such as Coinbase going <a href="https://cointelegraph.com/news/kraken-rethinks-direct-listing-plan-following-coinbase-s-lackluster-performance" rel="noopener noreferrer nofollow">public over 4 years ago</a>, the firm has yet to make a decisive move in this area.
Kraken co-CEO Arjun Sethi told Yahoo Finance on Friday that the firm <a href="https://cointelegraph.com/news/kraken-wont-rush-us-ipo-says-co-ceo" rel="noopener noreferrer nofollow">isn’t rushing to go public</a> despite the regulatory climate becoming much more friendly in the US.&nbsp;
Sethi said Kraken is “financially sound” and well-capitalized, with private funding, and its latest capital injection is likely to reinforce that view.
Magazine: <a href="https://cointelegraph.com/magazine/solana-vs-ethereum-etfs-facebook-influence-bitwise-hunter-horsley/" rel="noopener noreferrer nofollow">Solana vs Ethereum ETFs, Facebook’s influence on Bitwise: Hunter Horsley</a>

Kraken bags $800M for expansion plans at $20B valuation

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