Kraken eyes IPO
Fourth largest crypto exchange Kraken is making moves to towards an IPO in Coinbase’s footsteps
Kraken’s CEO Jesse Powell believes the performance of the crypto exchange company to have laid a solid foundation for an IPO. With a close eye on the progression of Coinbase, Powell says he and his team can engage in a serious approach towards the project after seeing how their public offering has played out.
Kraken currently serves approximately 6 million clients, while user growth during the first two months of 2021 was higher than in all of 2020 already. Powell believes Kraken will grow up to 100% in 2021 by year-on-year comparison. This growth was mostly due to the enormous Bitcoin hype in April, when Bitcoin’s price was above $60.000. The revenue of this year is expected to lie around $24 million to $28 million.
Nonetheless, Kraken faces tough competition with Coinbase and Binance. In Q1/21, Coinbase held 56 million users and generated $1.8 billion in revenue. The number one of crypto exchange platforms sets the size comparison to a new level again, a trading volume of $2.46 trillion in May. The month-on-month growth stands at 49%, compared to the growth rate of 39% of all 15 following top crypto exchanges combined.
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