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Editor's Note: This headline has been updated for accuracy.
Cryptocurrency exchange Kraken said on Tuesday that its valuation soared to $20 billion following a funding round in which it raised $800 million.
The primary tranche was led by institutional investors, including Jane Street, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, according to Kraken’s press release. Citadel Securities, founded by billionaire hedge fund manager Kenneth Griffin, contributed $200 million in a strategic investment as the second tranche.
See Also: Nvidia, Target And 3 Stocks To Watch Heading Into Wednesday
This latest funding round follows a previous one in September, which valued the company at $15 billion.
Earlier in March, reports emerged that the company was planning an initial public offering as early as the first quarter of next year
One of the oldest operating exchanges in the U.S., Kraken supports over 500 cryptocurrencies, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
