U.S.-based cryptocurrency exchange Kraken planning to double its valuation via a funding round. The maestro cryptocurrency exchange is seeking additional funds to double its overall valuation taking it to $10 billion from $5 billion. Kraken Seeking Additional Funds to Touch $10 Billion Market Cap The San Francisco, California-based cryptocurrency exchange is listed among the most experienced crypto exchanges with over ten years of industrial experience. Kraken is now on its way to nearly double its valuation from more than $5 billion to $10 billion. According to the coverage, some of the industry giants, such as Fidelity, Tribe Capital, and General Atlantic, are also taking part in the funding round. The participation of these giants will surely help the crypto exchange secure a sizable amount. This funding round will be the first round in the last two years, as the company employed Bank to the Future, a crypto-friendly platform, to raise over $13 million in 2019. The company was valued at $4 billion in 2019, and surprisingly, over 2,000 parties took part in that funding round. As Kraken is planning to raise money via a funding round, Coinbase, another US-based crypto exchange is planning to go public through a direct listing. Investigating Market Price Drops The value of BTC and other crypto assets plunged over 20%. Moreover, the price of Bitcoin fell from a high of $58,400 to a low of $44,000, followed by a drop to $1,350 in the second-largest cryptocurrency ETH. Jesse Powell, the CEO of Kraken, revealed in a recent interview: “There were some large dips on Kraken, which we think were probably exacerbated by the availability of margin trading on Kraken and the availability of some advanced order types like stop orders, which many other exchanges don’t have.” He added: “We are not really sure why, but we are in the process of investing this – why the volume was greater on Kraken or why there was more cell pressure on Kraken relative to its peers.”
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