Kraken has doubled their revenue to $1.5billion in 2024. This is a 12% increase over the year before, according to latest financial information.
Exchange also revealed that they hold $42.8 billion worth of customer assets with average revenues exceeding $2,000 for each customer.
Kraken’s earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $380 million for the year. Over 2.5 million accounts were funded by the platform, which recorded $665 Billion in trading volumes.
This financial information was released after a series strategic adjustments including changes to the product line-up and renewed focus on its core services.
Market and regulatory developments
It made headlines when it restored stake services to the US following a hiatus of two years.
After a settlement of $30 million with the Securities and Exchange Commission in 2023 Kraken paused their staking services due to concerns about regulatory issues. This reinstated service will be available for residents of 37 states and cover 17 digital currencies, such as Ethereum, Solana, or Polkadot.
Meanwhile, speculation continues regarding Kraken’s potential public listing. ETF provider Bitwise projected the company’s potential public listing in 2025. Kraken would join a group of cryptocurrency firms that are expected to be listed on traditional stock markets, such as Circle and Chainalysis.
Kraken also expanded its trading options for futures, adding new contracts such as perpetual futures and quarterly futures, which are based on key crypto currencies. Exchange also plans to improve its margin services by offering traders greater flexibility and more leverage.
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