Kraken seeks $10B+ valuation in new funding round: Report

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US-based major crypto exchange Kraken is reportedly in talks for a new round of funding that could double its company’s valuation to $ 10 billion or more.

The increase was reported by Bloomberg, who quoted anonymous sources claiming Kraken is in talks with top investors like Fidelity, Tribe Capital and General Atlantic.

One of the sources estimated that Krakens valuation could be as high as $ 20 billion depending on demand.

In 2019, Kraken used the crypto-friendly investment platform Bnk to the Future to raise $ 13.5 million from more than 2,000 participants at a valuation of $ 4 billion.

The news comes amid the anticipation of Coinbase’s direct IPO. Coinbase’s market value recently rose to nearly $ 100 billion based on secondary trading in privately held stocks.

According to crypto market data aggregator CoinMarketCap, Kraken has processed nearly $ 2 billion in volume in the past 24 hours, while Coinbase has hosted $ 3.85 billion over the same period.

News of the reported increase comes less than a week after many of its users threatened legal action over the violent Flash crash on Feb.22 that saw Ether change hands at Kraken for just $ 700 while prices of competing exchanges were above $ 1,300. The pricing triggered cascading liquidations on the platform.

Despite requests for refunds from affected margin traders, Kraken has stated that users will not refund any losses or rollback trades.

On February 22nd, Kraken also set a new record for daily volume, placing spot trades worth more than $ 4 billion in 24 hours.