Popular cryptocurrency spot and futures exchange Kraken is offering preferred shares of its stock to accredited investors through the Hong registered entity, bnktothefuture.
The minimum investment goal of just under £5 million was reached soon after the offer opened and the San-Francisco based exchange is now focused on achieving the upper goal of just over £8 million in the 29 days remaining of the sale.
Democratise Equity
Thought to be one of the safest exchanges currently operating, Kraken was funded in 2011 and employs around 800 people. With over 4 million customers located in 200 countries it achieved a stated trade volume of $85 billion in 2018.
At the end of last year, Kraken raised £6 million in a similar way to the current offering but at that time a minimum investment of $100,000 was needed from each investor. This latest round has seen the barrier cut to just $1,000 per applicant which the company state is intended to “…democratise access to our equity, allowing more of our valued clients to become valued investors.”
Kraken purchased futures trading startup Crypto Facilities in February which at the time led CEO Jesse Powell to confirm they would “…continue to enhance and expand” and to hint that they had “…great stuff in store for traders and institutional clients in 2019.”
The cryptocurrency exchange sector in general has seen major developments in recent months with the long awaited Bakkt project finally signalling a summer start date and Coinbase battling with Fidelity Digital Assets to purchase custody provider Xapo.
Such positioning of the exchange platforms – coupled with their desire to own the actual digital asset rather than its derivative form – have been touted as a driving force in the positive price movements in cryptocurrencies and tokens of late.
