Major U.Due south.-based crypto commutation Kraken is reportedly in talks for a new funding round that could double the company's valuation to $10 billion, or more.

The raise was reported by Bloomberg, who cited anonymous sources claiming Kraken is in discussions with top investors including, Fidelity, Tribe Capital, and General Atlantic.

One of the sources estimated Kraken'due south valuation could soar as high equally $20B billion depending on demand.

In 2019, Kraken used the crypto-friendly investment platform Bnk to the Time to come to heighten $thirteen.five million from more than 2,000 participants at a $iv billion valuation.

The news comes amid apprehension for Coinbase's directly listing IPO, with Coinbase'south marketplace value recently rocketing to near $100 billion based on secondary trade in privately-held shares.

According to crypto market information aggregator CoinMarketCap, Kraken processed nearly $2 billion in volume over the past 24-hours, while Coinbase hosted $3.85 billion over the same catamenia.

The news about the reported heighten comes less than one week afterwards many of its users threatened legal activeness over the violent February. 22 wink crash that saw Ether alter easily for just $700 on Kraken while rival exchanges had prices above $1,300. The pricing triggered cascading liquidations on the platform.

Despite calls for refunds from affected margin traders, Kraken has indicated it will non refund users for losses or roll dorsum trades.

February. 22 also saw Kraken post a new record for daily volume, hosting more than than $four billion worth of spot trades in 24 hours.