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As the world moves towards a more technology-efficient society, investors are realizing that cryptocurrencies are becoming the new stocks to watch. After experiencing record trading volumes and a surge in new clients as the price of Bitcoin rises to a historical record of over $60,000 in mid-March, cryptocurrency exchange platform Kraken finally considers going public, opening its community to more investors globally.
In a statement, Kraken told CNBC News that they would officially go public through direct listing next year. The cryptocurrency platform currently boasts over six million clients, and CEO and co-founder Jesse Powell sees a significant rise coming in 2022. The recent Bitcoin rally has boosted Kraken’s success, making it a top contender in the industry with its $1.8 billion revenue in the first quarter alone, which was more than what it made for the entire 2020. With Kraken’s recent success, experts are gearing up for the company’s growth a year ahead.
Kraken was founded in 2011 with a mission to “aid in the acceleration and adoption of cryptocurrencies.” Consistently rated as the best and most secure cryptocurrency exchange, Kraken has definitely played a crucial role in helping both seasoned and movie investors. Kraken’s fully functional platform, low fees, and a good mix of coins strengthen its position as a leader in the industry.
Being around for almost a decade, Kraken has gained the trust of many traders, making it one of the largest and oldest exchanges in the world today. Jesse Powell refers to the crypto exchange as “the most critical piece of ecosystem,” and Kraken is actively playing its part in catering to the surge of investor demand looking towards growing their assets through cryptocurrency.
Kraken, with its safe ecosystem, provides its clients with the confidence to trade as openly, frequently, and boldly as they can. “Earning the trust of our clients has always been our highest priority. We earn that trust through the best security in the business—most of our digital assets are held safely in cold wallets, so bad actors can’t reach it,” explained the cryptocurrency exchange on its website.
The changes in human behavior also fuel the rise of cryptocurrency. According to Powell, people are beginning to question federal reserves, assuring the public that there is an endless supply of traditional money out there. Corporate professionals and large-sum investors are also redirecting their focus on Bitcoin and other coins. With a large percentage of the world’s wealth going digital, there’s genuinely no other way for Kraken to go but up.
As explained by Kraken’s CEO, “Holding dollars seems like a very risky prospect compared to something like Bitcoin which is finite, completely predictable, and even a greater store of value compared to something like gold.” Despite facing many rivals in the industry, Kraken remains confident in serving millions of clients worldwide. With its intention to go public in the next year, Kraken will surely secure its place as a leader in the world’s most advanced currency exchange yet.
“Bitcoin will eventually be a global currency—and a $1 million price target within the next 10 years is very easy,” shared Powell. To learn more about Kraken, visit its website.