Crypto Exchange Kraken Revenue More Than Doubled in Q3 to $648M

Crypto exchange Kraken (legally Payward Inc.) reported that its third-quarter revenue more than doubled, reaching $648 million, a 114% increase year-over-year, as the company prepares for a possible initial public offering (IPO) next year. The company defines revenue as gross income under GAAP accounting minus trading costs. Furthermore, adjusted earnings before taxes and other items hit $178.6 million, marking a 124% increase quarter-over-quarter, alongside a 23% rise in total trading volume to $561.9 billion. This strong performance supports Kraken's IPO ambitions, following a recent $500 million funding round that valued the firm at $15 billion. Kraken would join other crypto firms like Bullish and Gemini in potentially tapping public markets.

(Source：CoinDesk)