With the passage of time, the cryptocurrency industry has gained tremendous growth and adoption. The industry has also gained mainstream adoption giving more confidence to the cryptocurrency industry. This confidence has allowed cryptocurrency exchanges to take the adoption level to the next level.
The first cryptocurrency exchanges that took the adoption to the next level were the top ones; Binance and Coinbase. At the beginning of the second quarter of 2021, both cryptocurrency exchanges had launched their stocks. Both exchanges had reportedly done it through the New York Stock Exchange (NYSE).
Despite the current downfall, the stocks of both exchanges have been performing well in general terms. Therefore, more exchanges are aiming to launch their own stocks into the market.
According to the latest reports, Kraken, one of the oldest and largest cryptocurrency exchanges has made a similar announcement. Jesse Powell, the CEO at Kraken has announced that they are currently looking into the option of going public.
Powell stated that if things go as planned, it is highly likely that Kraken would go public with its stocks in the market. He stated that the earliest they are planning to launch their stocks publicly is by the end of 2022.
Powell dropped the news during an interview at one of the TV channels. He stated that being one of the oldest cryptocurrency exchanges, Kraken thinks that it is responsible for bringing crypto to the spotlight. Their mission is to introduce cryptocurrencies to the entire world and going public would be an essential step in executing that with a high success rate.
He stated that in the year 2021, the world has made a significant shift from fiat currencies to cryptocurrencies. In the last 12 months, the global population has learned much about cryptocurrencies.
People are getting used to cryptocurrencies and are waiting for an opportunity to invest in cryptocurrencies. Still, many people do not want to invest directly in cryptocurrencies and want to do it through other mediums.
This is the reason why Kraken is currently going through the preparation work for its exposure in the public markets. He revealed that in the next 12 to 18 months, the cryptocurrency industry as well as the general public would learn about Kraken’s progress.
From the amount of information Powell has provided, it means that they are currently in the initial stage of their prep work for public listing. While he talked about going public in the next 12 to 18 months. He did not confirm what market capitalization they are planning to achieve at the time of going public.
It was at the beginning of June 2021, it was reported that Kraken had changed its decision of going for a direct public listing. The firm made this decision after seeing the progress and sudden downfall Coinbase stocks faced in the month of April.