Kraken’s Revenue Surges 114% YoY, Challenging Coinbase and Binance
Kraken's Financial Surge in Q3
- Kraken reported a 114% increase in revenue year-over-year.
- Quarterly trading volumes hit $561.9 billion, rising 23% from the previous quarter.
- Total assets reached $59.3 billion, challenging major exchanges like Coinbase and Binance.
Strategic Moves and Innovations
- Acquisitions of NinjaTrader and Small Exchange expanded Kraken's reach in derivatives trading.
- The xStocks platform allows global investors to trade tokenized U.S. equities without intermediaries, amassing $5 billion in trading volume rapidly.
Future Prospects
- Kraken raised $500 million at a $15 billion valuation, potentially gearing for an IPO by 2026.
- A new funding round might elevate its valuation to $20 billion.
Kraken's growth reflects growing interest and legitimacy in crypto as a trading and investment avenue.