Cryptocurrency exchange Kraken is seeking a new funding round so that it could double its valuation up to $10 billion, Bloomberg has learned, citing a person familiar with the matter. According to the sources, the exchange is in talks with Fidelity, Tribe Capital and General Atlantic.
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While there is still no final decision on who will be the lead investor, Kraken's valuation could surpass $20 billion depending on demand.
New funding round comes after Kraken announced the launch of a new venture capital firm to invest in early stage cryptocurrency and fintech startups. Kraken Ventures, an investment subsidiary of the exchange, will help startups with all the necessary resources and expertise to power new innovations.
The exchange will invest in a range between $250,000 to $3 million in fintech, crypto companies and decentralized finance (DeFi) startups. The investment subsidiary team is led by Brandon Gath, Kirill Gourov, and Akshi Federici.
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