Summary
- Crypto asset exchange Kraken is reported to have temporarily put its IPO plans on hold due to worsening market conditions.
- It was reported that a weaker crypto market, declining trading volumes, and falling asset prices have increased pressure on the company’s valuation, prompting a rescheduling of the IPO timeline.
- While the IPO had been expected to be worth several billion dollars, the company said it has not scrapped the plan and has left open the possibility of reviving it if market conditions improve.
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Crypto asset (cryptocurrency) exchange Kraken is reported to have put its initial public offering (IPO) plans on hold, citing deteriorating market conditions.
According to crypto-focused media outlet CoinDesk on the 18th (local time), Kraken formally announced its plan to pursue a listing about four months ago, but has recently moved to revise the timeline as a weakening crypto market, declining trading volumes and falling asset prices have increased pressure on its valuation.
Given that the IPO had been expected to be worth several billion dollars, changes in market conditions are seen as having influenced the decision.
The company, however, said it has not withdrawn the IPO plan itself and has left open the possibility of resuming the process if market conditions improve.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
