Fourth largest crypto exchange Kraken is making moves to towards an IPO in Coinbase’s footsteps
Kraken’s CEO Jesse Powell believes the performance of the crypto exchange company to have laid a solid foundation for an IPO. With a close eye on the progression of Coinbase, Powell says he and his team can engage in a serious approach towards the project after seeing how their public offering has played out.
Kraken currently serves approximately 6 million clients, while user growth during the first two months of 2021 was higher than in all of 2020 already. Powell believes Kraken will grow up to 100% in 2021 by year-on-year comparison. This growth was mostly due to the enormous Bitcoin hype in April, when Bitcoin’s price was above $60.000. The revenue of this year is expected to lie around $24 million to $28 million.
Nonetheless, Kraken faces tough competition with Coinbase and Binance. In Q1/21, Coinbase held 56 million users and generated $1.8 billion in revenue. The number one of crypto exchange platforms sets the size comparison to a new level again, a trading volume of $2.46 trillion in May. The month-on-month growth stands at 49%, compared to the growth rate of 39% of all 15 following top crypto exchanges combined.
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