Kraken Crypto Exchange Reports $1.5 Billion Revenue in 2024 Amid Strong Growth
Kraken crypto exchange reported $1.5 billion in revenue for 2024, according to its financial statement released on January 31.
| Key Takeaways: – Kraken crypto exchange reported $1.5 billion in revenue for 2024, with $665 billion in trading volume, $42.8 billion in assets, and $380 million in EBITDA. – The exchange shut down its NFT marketplace in November and was chosen to facilitate FTX bankruptcy distributions, which could boost trading activity in early 2025. |
The exchange’s total trading volume for the year reached $665 billion, with assets under custody amounting to $42.8 billion. The Kraken crypto exchange also recorded 2.5 million funded accounts, demonstrating strong user engagement. Additionally, the company reported $380 million in earnings before interest, taxes, depreciation, and amortization (EBITDA).
Arjun Sethi, Kraken’s co-CEO, attributed the company’s success to consistent product execution and a diverse customer base. He emphasized that these factors have helped Kraken establish some of the deepest liquidity pools in the industry, particularly for stablecoin-to-fiat conversions.
The financial update follows several key developments for the Kraken crypto exchange in recent months. In November, the exchange shut down its non-fungible token (NFT) marketplace just a year after its launch, reflecting shifting market demand. In December, the FTX bankruptcy estate selected it to distribute funds to former customers and creditors of the collapsed exchange.
Looking ahead, Kraken’s future could include a public listing. Investment firm Bitwise has projected that the exchange may go public in 2025, joining stablecoin issuer Circle and blockchain analytics firm Chainalysis in potential stock market debuts.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
