(Reuters) – Cryptocurrency exchange Kraken is in talks to raise new funding in a move that would more than double the firm’s valuation to about $10 billion, Bloomberg News reported on Thursday, citing people with knowledge of the matter.
The company is in discussions with firms including Fidelity, Tribe Capital and General Atlantic; terms, including lead investors, aren’t final, and it’s possible the valuation may surpass $10 billion in this round, the report added.
Kraken did not immediately respond to a Reuters request for comment.
San Francisco-based Kraken Digital Asset Exchange, founded in 2011, is one of the world’s largest and oldest bitcoin exchanges with a wide selection of other digital assets and national currencies as well.
Earlier in February, Kraken’s spokesperson said that $56 billion worth digital assets were traded on Kraken in January this year, more than what was traded in all of 2019, and added it was working to increase capacity to handle higher demand in the future.
Kraken rival Coinbase, the biggest U.S. cryptocurrency exchange, moved a step closer to listing on the Nasdaq with a filing on Thursday to go public, revealing that it had swung into profit last year as bitcoin prices surged.
Reporting by Nandakumar D in Bengaluru