American digital currency trading platform Kraken is seeking up to $1 billion in debt financing amid a business expansion drive. According to a Bloomberg report, the crypto exchange plans to raise this money ahead of its planned Initial Public Offering (IPO).
The Kraken $1 Billion Deal
As the Bloomberg report detailed, Kraken Exchange is working with Goldman Sachs and JPMorgan Chase in the push for debt financing. According to people familiar with fundraising, these megabanks are also in talks with smaller financial firms as direct lenders.
While the initial target is pegged at $1 billion, Bloomberg sources noted that Kraken could raise as little as $200 million. Any funds secured will not be used for operational or in-house needs.
This update is coming after the US SEC dropped its lawsuit against Kraken. Analysts believe now is the time for the exchange to push for its IPO drive.
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Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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