According to CNBC, in a move that would significantly consolidate the position of bitcoin and cryptocurrency exchanges as major companies, Kraken, a major U.S.-based exchange, would be considering making itself public next year through a direct listing.
The report cited “record trading volumes and new customers amid rising bitcoin prices” as motivation for Kraken’s potential quote, and the success of Coinbase’s direct quote is likely to be motivating as well. .
With a user base of more than six million, Kraken ranks among the largest cryptocurrency exchanges in the world. According to available data from CoinMarketCap, it currently ranks fourth on the list of largest exchanges by trading volume.
In a recent interview with CNBC, the company’s CEO and founder, Jesse Powell, revealed that he has been able to take advantage of the recent rise in the price of Bitcoin. According to Powell, the firm’s gains in February had surpassed all of the previous year.
Bitcoin hit a record price of more than $ 60,000 in mid-March. Analysts and traders have attributed the rise in prices to the entry of institutional investors into the industry. During this period, institutions such as Tesla, MicroStrategy and many other companies made huge investments in BTC.
Recently, Kraken’s main rival in the United States, Coinbase, revealed that it is scheduled to be made public on a direct box office list that will be set for next week. This listing could help boost the company’s value to $ 100 billion. Coinbase also recently announced a quarterly revenue record of $ 1.8 billion in the first quarter of 2021.