Leading the United States-based cryptocurrency exchange Kraken is reportedly in talks for a new funding round that would double the firm’s existing valuation to $10 Bln, or even more.
In line with Bloomberg, that cited anonymous sources claiming Kraken is in discussions with top investors along with, Fidelity, Tribe Capital, and General Atlantic.
One of the sources estimated Kraken’s valuation could soar as high as $20B Bln counting on demand.
Earlier in 2019, Kraken used the cryptocurrency-friendly investment platform Bnk for the longer term to boost $13.5 Mln from over 2k participants at a $4 Bln valuation.
The news comes amid anticipation for Coinbase’s direct listing IPO, with Coinbase’s market price recently rocketing to just over $100 Bln supporting secondary trade privately-held shares.
In line with crypto market data aggregator CoinMarketCap, Kraken processed nearly $2 Bln in volume over the past 24-hours, while Coinbase hosted $3.85 Bln over the same period of time.
The news about the reported raise comes less than one week after several of its users threatened action over the violent 22nd Feb. flash crash that saw Ethereum move for just $700 USD on Kraken while rival exchanges had prices above $1,300 USD. The pricing triggered cascading liquidations on the platform.
Despite involves refunds from affected margin traders, Kraken has indicated it’ll not refund users for losses or roll back trades.
Also earlier on 22nd Feb., Kraken revealed a record for daily volume, hosting over $4 Bln worth of spot trades within 24 hours.