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Kraken might follow in the footsteps of Coinbase and become the next publicly listed crypto exchange located in the United States.
Jesse Powell, CEO of Kraken, has stated that the cryptocurrency exchange might go public before the end of 2022.
Powell said this during an interview with Bloomberg TV, stating that the move would be a natural progression for the company in its mission to “bring crypto to the world.”
According to Powell, Kraken is currently doing “prep work” toward going public in the next 12 to 18 months. However, the exchange CEO did not give a target valuation for the upcoming float.
Prior in June, KogoCrypto reported that Kraken was rethinking its earlier plans to take a straight listing road towards becoming a public business, owing to Coinbase’s underwhelming performance since its introduction in mid-April.
Indeed, a Kraken spokesman stated in March that the business was “too big” to go public through a merger with a special-purpose acquisition company (SPAC).
With the SPAC and direct listing routes likely out of the question, Powell’s new announcement might indicate that Kraken is preparing to launch an initial public offering.
Kraken was recently backed by RIT Capital Partners, a $5.3 billion investment trust. According to CoinMarketCap statistics, the fourth-largest exchange by trading volume is also rumoured to be raising extra cash to increase its worth beyond the $10 billion level.
The 11-year-old exchange, which has over 6 million clients and a functioning presence in over 190 countries, is also aiming to expand its reach, with India being mentioned as a prospective target. Despite the country’s present regulatory uncertainties, Kraken is one of three main exchanges aiming to serve India’s estimated 15 million cryptocurrency investors.