Kraken raises $200 million from Citadel Securities…valuation $20 billion

Minseung Kang

Summary

Kraken said it raised $200 million from Citadel Securities.
The investment boosted Kraken's valuation to $20 billion.
Kraken said it would continue market expansion, payment service development, and mergers and acquisitions, and that it would not rush its listing (IPO).

Cryptocurrency exchange Kraken has raised $200 million from Citadel Securities and its valuation rose to $20 billion.

According to Fortune on the 18th (local time), Kraken raised $200 million through a strategic investment round that included Citadel Securities. This investment set Kraken's valuation at $20 billion (about 284 trillion won).

Previously, in September Kraken raised $600 million from Jane Street, DRW, HSG (formerly Sequoia Capital China), Oppenheimer, Tribe Capital, and co-CEO Arjun Sethi's family office, among others. At that time the valuation was $15 billion.

Citadel Securities said in a statement, "it will support Kraken's market structure analysis and the enhancement of risk management."

Kraken plans to use the new funds to expand into markets outside North America and to develop payment services. It reiterated, "it will not rush an IPO."

Kraken said third-quarter revenue more than doubled year-on-year to $648 million. The exchange has continued merger and acquisition activity, including acquiring futures trading platform NinjaTrader for $1.5 billion since January this year.