Bloomberg: Kraken, the bitcoin exchange, seeks a valuation above $10 billion

The cryptocurrency exchange Kraken is considering additional financing that would lift its valuation to more than double the current level of $5 billion. Bloomberg, citing its own sources, reports Bloomberg.

At the end of 2018, the company was valued at $4 billion. Following the last funding round in February 2019, Kraken raised $100 million, delivering similar expectations.

Bloomberg sources said the exchange’s management is in talks with asset manager Fidelity Investments, as well as venture capital firms Tribe Capital and General Atlantic. Kraken projects that in an optimistic scenario the business founded in 2011 would be valued at $20 billion.

The agency was unable to obtain comments from potential investors.

Kraken’s intensified fundraising efforts come amid the U.S. Securities and Exchange Commission’s approval of Coinbase’s application for a direct listing of shares. On February 20, traders valued its market capitalization at $100.3 billion.

According to CoinGecko, Kraken’s 24-hour trading volume stands at $2.4 billion across 214 cryptocurrency pairs. The exchange carries the platform’s highest trust rating. The company does not disclose its financials.

The cryptocurrency exchange includes the FCA-regulated crypto-derivatives platform Kraken Futures, built on Crypto Facilities, which the company acquired in early 2019.

In September, Kraken became the first crypto exchange in the United States to obtain bank status. The Wyoming Banking Board approved the corresponding application.

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