Top cryptocurrency exchange Kraken is currently in talks for a final funding round prior to its public listing. Kraken aims to raise approximately $100 million before initiating an initial public offering (IPO), as per reports from Bloomberg. Sources close to the matter suggest that Kraken might finalize the fundraising round by year-end.
A spokesperson for Kraken declined to provide any comments on the ongoing discussions when reached out by crypto.news.
Kraken, a prominent player in the cryptocurrency domain, has a rich history in serving the burgeoning industry and leading innovations. Yet, uncertainties linger due to unresolved legal issues, casting doubt on the outcomes of its recent fundraising endeavors.
Notably, the U.S. Securities and Exchange Commission (SEC) took legal action against Kraken last year over allegations of mixing client assets with corporate funds and running an unregistered securities exchange. Kraken has refuted these accusations and is currently contesting the SEC's claims, alongside industry peers like Coinbase, who are facing similar charges.
Kraken's journey intersects with other crypto firms aiming for substantial market valuations. Several U.S.-based cryptocurrency companies are eyeing IPOs amidst evolving regulatory landscapes preceding the upcoming presidential elections. For instance, stablecoin issuer Circle recently filed for its IPO following an unsuccessful prior attempt using a special purpose acquisition company (SPAC) arrangement.
Although not native to the crypto industry, social media platform Telegram is gaining attention in the blockchain realm due to its association with The Open Network (TON). Telegram also has plans for an IPO in the pipeline.
