Crypto exchange Kraken has raised $800 million across two funding rounds, which boosted its valuation to $20 billion.
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Kraken says it’s now valued at $20 billion after an $800 million funding round it said would support the US-based crypto exchange’s global expansion.
Kraken on Tuesday that it raised the capital across two tranches, with the second tranche including a $200 million strategic investment from US market-making giant Citadel Securities at a $20 billion valuation.
It also included a strategic partnership with Citadel, which also pitched in to earlier this month, which will see the firm offer Kraken expertise on differentiated liquidity provision, risk management and market structure insights.
Kraken’s primary tranche included backing from Jane Street, DRW Venture Capital, HSG and Tribe Capital, alongside a “significant commitment” from the family office of Kraken Co-CEO Arjun Sethi.
“With this additional capital, we will continue scaling our global operations, deepening our regulated footprint and expanding our product suite — both organically and through targeted acquisitions,” Kraken said.
Kraken already , but the company said it plans to improve its services and offerings while also seeking expansion in new markets across Latin America, Asia Pacific, Europe, the Middle East and Africa.
Kraken has or been rumoured to be going public on several occasions over the years, with co-founder and former CEO Jesse Powell even back in early 2021 that the firm had plans to go public at the start of 2022.
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However, despite competing exchanges such as Coinbase going , the firm has yet to make a decisive move in this area.
Kraken co-CEO Arjun Sethi told Yahoo Finance on Friday that the firm despite the regulatory climate becoming much more friendly in the US.
Sethi said Kraken is “financially sound” and well-capitalized, with private funding, and its latest capital injection is likely to reinforce that view.
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