Cryptocurrency exchange giant Kraken is planning to go public through direct listing next year. The crypto exchange decision to go public is coming after seeing an increased level of new clients and trading volume within the platform. Kraken is following the same route as its competitor Coinbase, which will go public on April 14 via a direct listing on Nasdaq.
Kraken is one of the largest crypto exchanges in the world.
Kraken was founded in 2011 as a cryptocurrency exchange. It has grown to become one of the world’s largest crypto exchanges, with over 6 million clients. Co-founder and chief executive officer of Kraken, Jesse Powell, recently said that the Bitcoin rally had benefited the exchange immensely. Last month, the top cryptocurrency bitcoin reached an all-time high of $60,000 following institutional traders’ increased interest. The crypto exchange posted first-quarter direct revenue of $1.8 billion, which is higher than its entire revenue for the hole of 2020. The first quarter just completely blew away the entirety of last year, Powell said.
Coinbase to go public via direct listing on April 14.
The U.S. crypto exchange giant Coinbase had announced that it would go public via a direct listing. The listing will take place directly on NASDAQ under the ticker “COIN” on April 14. The crypto exchange had submitted a registration statement with the U.S. Securities and Exchange Commission (SEC) a few weeks ago. The US SEC had declared the exchange’s registration effective on April 1. Coinbase noted that it anticipates it will be listed as a Class A stock, which usually means it has more benefits when it comes to voting rights, dividends, and other aspects. Kraken and other crypto firms are following Coinbase’s lead and going public.