Crypto trading platform Kraken is preparing to become a public company in 2022, The Block has reported citing a company representative.
Kraken is mulling a direct listing, thus excluding an initial public offering (IPO) and a special purpose acquisition company (SPAC). The exchange has grown too big to do a SPAC, according to a Kraken spokesman.
Kraken CEO Jesse Powell recently said he'd make the company go public at a valuation of above $10B. As reported in the media, Kraken is in talks to raise funds to bring the capitalization to the desired level. A Kraken spokesperson has made the following statements:
"The exchange at this point is fully focused on scaling our business, filling key roles and making sure we're giving clients the best experience in a time of unprecedented growth."
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US crypto exchange Coinbase plans to go public through a direct listing in the coming weeks, while the broker eToro also has similar plans, however, in its case the IPO will take place through a SPAC.