RIT Capital Partners, a $5.3 billion investment trust stationed out of London, noted Kraken’s influential role in the crypto industry and opted to become a stakeholder. The acquisition was made as part of their strategic move to position themselves in the crypto marketplace. .
In a communique from investor James Glass, Kraken’s potential 2022 direct listing, coupled with its significant role in the burgeoning crypto landscape, made RIT Capital keen to jump on board.
While Glass’s note abstains from detailing the magnitude of RIT Capital’s financial commitment to Kraken, the tone is optimistic, drawing parallels to a major crypto player that recently made waves on NASDAQ.
Glass also highlighted Kraken’s ongoing dialogues with potential backers, hinting at a valuation soaring up to $20 billion, with firms like Fidelity, Tribe Capital, and General Atlantic reportedly showing interest.
With cryptocurrency's explosive growth over the last decade, especially the past two years, exchanges have become some of the industry's most lucrative ventures, enticing investors on an unrivaled scale.
Kraken is keeping a close watch on Coinbase’s market maneuverings.
Even though Kraken's public listing might be over 8 months away, the topic has already been a point of discussion. CEO Jesse Powell, in a CNBC conversation, revealed an interest in taking Kraken public, potentially using a direct listing similar to that employed by Coinbase. .
Powell explained that while there’s no rush for capital right now, the focus is on securing strategic investors to fuel their geographic and financial expansion.
\"We’re pacing ourselves to see how Coinbase’s valuation pans out, expecting a significant rise,\" Powell noted about the upcoming investment opportunities.
Coinbase’s remarkable direct listing has instigated a wave of innovation.
When Coinbase debuted on April 14th as the first major cryptocurrency exchange to go public, it was a monumental event for the crypto world, shining a light on NASDAQ.
COIN, the symbol for Coinbase shares, faced initial turbulence as the market gauged its value, but overall, the move has been hailed as a triumph, with some dubbing it the 'Google of crypto'. Coinbase’s listing success has paved the way for 'Project 10 Percent', an initiative to drive blockchain innovation by allocating 10% of its resources to fresh ideas. .
Surojit Chatterjee from Coinbase mentioned this project as a vehicle for fostering repeated innovation, aiding in the creation of product experiences that will shape the industry’s future.
Coinbase bets on these high-risk innovations because, historically, their most successful products were born from bold, disruptive ideas.
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