Payward, Inc. (doing business as Kraken) has announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its common stock.
Digital assets exchange Kraken noted that the number of shares to be offered and the price range for the proposed offering have “not yet been determined.”
The initial public offering (IPO) is expected to take place following the SEC’s completion of review process, subject “to market and other conditions.”
Established back in 2011, Kraken says that it is one of the world’s longest-standing crypto platforms internationally.
Its clients trade over 450 digital assets, traditional assets like U.S. futures and U.S.-listed stocks and ETFs, as well as major fiat currencies.
Kraken further claims that it is one of the “most liquid and performant” trading platforms available.
Kraken’s suite of products and services now reportedly includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken Onchain and the Ninja Trader retail trading platform.
Across these product offerings, customers are able to purchase, sell, stake, generate rewards, send and receive digital assets, custody their holdings, and access sophisticated trading, derivatives, and portfolio management tools.
Kraken claims that it has set the industry standard for ensuring transparency and establishing client trust, and it was reportedly among the first crypto platforms to conduct Proof of Reserves audits. It currently complies with regulations and laws that are said to be applicable to its business operations, while also actively protecting customer privacy and maintaining the relevant security standards.
As reported recently, digital assets investment platform Kraken is announcing that they have now raised $800 million across two tranches to accelerate our strategy of bringing traditional financial products on-chain.
The crypto exchange also mentioned that the primary tranche has reportedly been led by investors Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management and Tribe Capital, along with a commitment from Kraken Co-CEO Arjun Sethi’s family office.
An agreement for another $200 million investment from Citadel Securities was executed “at a $20 billion valuation.”