Is Coinbase Rival Kraken Promoting Listing, Catalysts Cryptocurrency Rise?

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Jesse Powell Kraken Founder and CEO – Save Company Homepage

U.S.-based Bloomberg News reported on the 18th that Kraken, a rival of Coinbase, the largest cryptocurrency (virtual currency) exchange in the U.S., is also pushing for an IPO.

Coinbase succeeded in listing in April, marking a new milestone. Coinbase was the first cryptocurrency exchange to go public.

Coinbase made a spectacular debut on the US stock market on April 14. Coinbase shares surged 31.3% to close at $328.28 on the day. As a result, the market cap reached $112 billion (125 trillion won).

Coinbase’s listing received a lot of attention as it was considered a milestone for cryptocurrencies to become more mainstream. In the end, cryptocurrencies at the time rallied as Coinbase’s successful debut on the Nasdaq market was expected to further boost cryptocurrency trading.

Thanks to the success of Coinbase listing, Kraken, the biggest rival of Coinbase, is also pushing for listing.

Founder Jesse Powell announced on the 17th (local time) that the Kraken would go public in 12 to 18 months. He is said to want to raise more than $20 billion.

Founded in San Francisco in 2011, Kraken has more than 6 million customers in 190 countries. According to CoinMarketCap, it is the 4th largest cryptocurrency exchange in the world by trading volume.