Cryptocurrency exchange Kraken
$517.04M
has raised $800 million to support its international expansion.
The new funding values the company at $20 billion and is part of its plan to enter new markets and improve services in existing ones.
The fundraising was completed in two parts. One of them included a $200 million investment from Citadel Securities, a major player in financial markets.
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This investment also marks the start of a partnership between the two companies. Citadel will provide advice and support to Kraken, particularly on liquidity, risk management, and market structure.
The other portion of the funding attracted support from firms such as Jane Street, DRW Venture Capital, HSG, and Tribe Capital.
A large share also came from the personal investment office of Arjun Sethi, Kraken’s co-CEO, which shows strong internal backing for the company’s plans.
Kraken stated that the funds will be used to grow its business in several ways. This includes expanding its product range, strengthening its regulatory compliance, and considering acquisitions to help it grow.
Although Kraken already operates in several countries, it plans to focus more on growth in Latin America, Asia-Pacific, Europe, the Middle East, and Africa.
However, Kraken recently stated that the company has no immediate plans to go public in the US. Why? Read the full story.
