Copy link
Increase text size
Decrease text size
Link copied

Kraken’s lofty promise pushes crowdfunding figure to over $13M

Wed, 26 Jun 2019, 04:00 am UTC

A recent crowdfunding round for cryptocurrency exchange Kraken has gone over $13.5 million, as of writing. That is $3 million over its initial goal but more than $1 million short of its second goal. This is considered to be an astounding development for several reasons.

Kraken basically wanted to raise money so that it can finally break through the $4 billion valuation ceiling, Coindesk reports. Bnk To The Future (BF) co-founder Simon Dixon said that this will enable the exchange to fund more acquisitions. In 2018, Kraken was one of the biggest crypto hubs with more than $85 billion in trade volume.

The latest crowdfunding drive is in line with Kraken's plans to provide additional financial services and products for the cryptocurrency industry.

Dixon noted that the amount put in by an average investor amount in this round was ten times what other funding rounds had seen. He also pointed out that the majority of the pledges this time mostly consisted of fiat. Usually, the split is 70/30, with 70 percent being cryptocurrency and only 30 percent being fiat. This time, the figure was 40/60.

That last part is being attributed to clients simply holding off on using their crypto assets since their values are currently rising. However, the unusual level of interest in supporting the crowdfunding is being attributed to the email the exchange sent to investors regarding CryptoWatch, a charting and trading platform acquired by Kraken in 2017.

“CryptoWatch Premium membership, the ability to leverage shares for margin collateral, priority service from our client support team, invitation to Kraken’s exclusive investor chat room, subscription to Kraken’s Daily Hash newsletter and OTC Daily report, bi-annual Kraken investor update, beta access to new Kraken products and features, limited edition Kraken swag, [and] 5% investment rebate in KFEE,” the email reads.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,062.49 (+2.33%)
  • Ethereum (ETH) $175.19 (+4.07%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $352.03 (-1.66%)
  • Bitcoin SV (BSV) $262.36 (-1.29%)
  • Bitcoin (BTC) $9,062.49 (+2.33%)
Jan 17, 2020 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto dealer SFOX announces new service for investors and wealth managers
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
Crypto exchange Gemini launches own insurance company "Nakamoto"
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
Huobi joins Blockchain Turkey Platform (BCTR)
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
U.S. lawmakers seek tax exemption for crypto transactions under $200
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.