The fourth-largest cryptocurrency exchange by trading volume according to CoinMarketCap, Kraken says it is considering going public via a direct listing next year, CNBC reported.
Kraken exchange is notably one of the world’s largest cryptocurrency exchange, with over 6 million users.
According to the report, the significant surge in Kraken’s Q1 2021 trading volume which saw new users flooding the exchange has triggered its decision to opt for a public listing in the stock exchange market.
According to the company, its trading volume after 2021’s first quarter is far above that of 2020’s second half. Hence, they see the need for further expansion and growth.
Therefore, the company is considering to tread a similar path with its rival Coinbase on going public.
The CEO of Kraken Exchange, Jesse Powell noted this saying; “We’re looking at being able to go public sometime next year. It would probably be a direct listing, similar to Coinbase.”
Previous reports revealed that the San Francisco-based exchange, Coinbase is set to go public next week.
A Credit to the Bitcoin Rally
The recent bull market has seen the crypto space welcome a crowd of new enthusiasts. The bullish trend amongst institutional investors snapping up the industry has motivated new retail investors to follow suit.
As such, the company accorded its exclusive progress to the ongoing Bitcoin rally. As it has caused many new users to join the exchange.
Powell acknowledged the significance of the Bitcoin rally in the exchange’s output. Thus, noting that “the firm has benefited significantly from the bitcoin rally.”
Powell’s comment reads;
“For us, any volatility is good but it’s always better when it’s on the way up. The first quarter just completely blew away the entirety of last year. We beat last year’s numbers by the end of February. The whole market has really just exploded.”