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Kraken IPO possible in 12 to 18 months according to CEO Jesse Powell

Overview:

  • The Crypto-Börse Kraken could go public in 12 to 18 months
  • That’s what CEO Jesse Powell said after the company was recently valued at more than $ 10 billion
  • Regarding Elon Musk’s statements on Bitcoin’s energy consumption, Powell sees the coin as “greener” than one might think

Crypto exchange Kraken is in the spotlight after CEO Jesse Powell commented on a possible move to the exchange. According to Powell, an IPO in 12-18 months would not be unthinkable. The company was recently valued at more than $ 10 billion.

For Kraken, 2021 is an absolute record year

The rating coincides well with the current development of the crypto exchange. According to the founder of the platform, new registrations are at a record level this year. In the first two months of this year alone, new registrations for the entire year 2020 were exceeded.

“We are on a mission to bring crypto to the world, and our assessment will hopefully be a reflection of our success in achieving this mission“ – Jesse Powell, Kraken CEO

Other factors contributing to the company’s healthy growth include the addition of Tribe Capital co-founder Arjun Sethi to the board of Kraken. Since it is known from internal corporate circles that the crypto exchange is in the process of raising capital that could drive a valuation up to $ 20 billion, this step would explain.

With more than 6 million users from almost 190 countries, Kraken is one of the top 5 crypto exchanges. According to CoinMarketCap, the company is currently in fourth place.

Kraken ranked fourth on the crypto exchanges
Kraken Ranked Fourth on crypto exchange source CoinMarketCap

The course has therefore been set for a successful IPO. At the beginning of the year, Kraken’s largest competitor Coinbase went public with a lot of media echo and a direct listing. The reason for the IPO was the rapid sales growth of the company. Kraken could therefore do the same to Coinbase in early 2022.

Bitcoin “Greener” than you think for Kraken CEO

Kraken CEO Jesse Powell is an avowed Bitcoin enthusiast. For Powell, it is completely clear that Bitcoin will still reach a new all-time high beyond the $ 100,000 mark this year. He himself, according to his own statements, Twitter bought the dip.

In an interview, Powell also commented on the current reasons for the price decline and the slowdown in trading volume. For the Kraken CEO, the” swing traders ” and newcomers to the market are responsible, who trade only momentum and do not put faith in a long-term hodl. “People who have been around for a long time continue to accumulate,” Powell said, citing MicroStrategy Inc, which recently issued junk bonds to fund Bitcoin purchases.

Powell also did not let it take away, in the direction of Elon Musk. The latter caused price falls with tweets about the, in his view, poor energy balance of Bitcoin. For Powell, Bitcoin is “much greener than people trust him to be,” and went on to say “I do not know how long Elon has been studying this, but I think he still needs to study a little more on the subject.”

Conclusion: the next crypto exchange IPO was only a matter of time

If you had to put a list of winners of the ongoing corona crisis on paper, crypto exchanges would probably be very high up. The crisis has shown many people how important it is to work out a financial freedom that makes one independent of the employer and the state. Investments in assets such as stocks or cryptocurrencies are therefore more popular than ever before.

Crypto exchanges like Kraken are therefore experiencing a brisk influx of new customers who buy cryptocurrencies such as Ethereum or Bitcoin via the platforms. Coinbase has demonstrated how to deal with such strong sales increases. Therefore, it was only a matter of time before the next exchange makes the preparations for going public.

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