San Francisco-based cryptocurrency exchange Kraken raises $13.5 million from 2264 investors in financing on online investment platform BnkToTheFuture.
The exchange reportedly surpassed its initial target of $10.2 million, majorly due to popular demand. Kraken’s fundraising campaign had over four million clients that span nearly 200 countries and it turned out to be the successful funding round by individual contributors on BnkToTheFuture.
Kraken has previously managed to raise over $6 million on its first day of the campaign from almost 300 investors. As for BnkToTheFuture, the exchange describes itself as the only regulated spot and futures cryptocurrency exchange. With over $85 billion in trading volume in 2018 alone, Kraken observed a compound annual growth rate of 387%.
Kraken has made some changes in security and international expansion in recent months. The exchange announced that two-factor authentication (2FA) in late March, which is now mandatory for its users. Part of other broader set of changes, that will set the exchange’s security features roadmap spanning “into 2020 and beyond,” however that is currently unavailable to the public.
Earlier this year, Kraken acquired United Kingdom futures provider Crypto Facilities, fully regulated by the U.K.’s Financial Conduct Authority. With the move, the product garnered significantly heightened interest and Kraken managed a major foothold in the European market. As per, CoinMarketCap Kraken is currently the 33rd-largest crypto exchange in terms of adjusted trading volume. The exchange’s daily trading volume is around $326.3 million, with 74 crypto markets on offer.
Image source – Pixaday.com
Cryptocurrency Market Update