Kraken, one of the leading cryptocurrency exchanges, reports significant financial success in 2024 with revenue reaching $1.5 billion, a 128% increase from the previous year.
Financial Performance for 2024
Kraken reported a revenue of $1.5 billion, which is a 128% increase from the previous year. The company recorded an adjusted EBITDA of $380 million. By the end of 2024, Kraken held $42.8 billion in assets and managed 2.5 million funded accounts. The exchange facilitated $665 billion in total trading volume for the year, securing its position in the global crypto market and accounting for over 40% of stablecoin-to-fiat trading volume among major centralized exchanges.
Regulatory Challenges and Growth Plans
Despite ongoing regulatory challenges, the company has been expanding its services. Kraken recently relaunched its staking service in 39 U.S. states and territories, amidst legal scrutiny from the SEC, which alleges that Kraken operates as an unregistered exchange, broker, and clearing agency. The company is poised for further growth as regulatory clarity improves globally and reportedly considered a pre-IPO funding round in 2023.
Technical Infrastructure and Achievements
Kraken’s technical infrastructure remains robust, with 99.9% uptime and sub-2 millisecond latency. The platform has processed over 2.5 billion trades since its inception.
Kraken illustrates significant financial and technical advancements despite regulatory challenges. The exchange continues solidifying its presence in the global market and is optimistic about the future despite legal hurdles in the U.S.
