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Bitcoin exchange Kraken: Company valuation at $ 10 billion | by Titus | The Capital | Feb, 2021

Titus

The Kraken crypto exchange is in talks about a new round of financing. The latest company valuations put the Exchange at a value of 10 billion US dollars.

According to reports from Bloomberg, Kraken is in talks with investors willing to invest. These include top investors such as Fidelity, Tribe Capital, and General Atlantic. General estimates assume funding is valued at $ 10 billion for the company. Depending on the investor, the company value is estimated at up to US $ 20 billion. This is reported by anonymous sources quoted by Bloomberg.

In 2019, Kraken used the Bank to the Future investment platform to raise $ 13.5 million from more than 2,000 financiers. At that time, however, the company’s value was around $ 4 million.

The news of Kraken’s new funding round came amid preparations for Coinbase’s IPO. Based on trading in privately held shares, Coinbase’s market value is around $ 100 billion. That is a multiple of the competitor’s rating.

According to market data from CoinMarketCap, Kraken reaches a trading volume of $ 2 billion in 24 hours. In the same period, Coinbase processed a volume of 3.85 billion US dollars. Judging by this, the Coinbase rating seems disproportionate. On February 22nd, Kraken reached a daily volume of 4 billion US dollars, an even higher trade volume than Coinbase.

The fact that the exchange briefly overtook competitors Coinbase comes with a bitter aftertaste. The crypto crash of the past week plays a decisive role in this. On Monday, February 22nd, Ether was intermittently trading at a price of $ 700. At the same time, however, the price on other platforms was only $ 1,300. This led to great arbitrage opportunities and cascading liquidation on Kraken. By the time the price inefficiencies were evened out, quite a number of margin traders were baffled. Many of its users, therefore, threatened legal action. Despite requests from affected users, Kraken has stated that it will not issue any refunds for losses.

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Disclaimer: These lines are not a substitute for investment advice, investments in the crypto market are made at your own risk. Invest only as much as you are willing to lose. I get commissions for purchases made through links in this post.


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