Kraken’s CEO Jesse Powell told Bloomberg that the firm could go public in the next 12 to 18 months.
He also commented on the state of the market, remarking that “weak hands” are selling rather than long-term holders.
He added that Elon Musk’s comments on Bitcoin’s energy usage are misguided, which prompted a tweet reply from Musk.
Share this article
Kraken’s founder and CEO Jesse Powell discussed the firm’s plans to go public “in the next 12 to 18 months.” He also shared positive sentiments about market conditions and commented on Elon Musk’s involvement in the space.
Kraken’s Plans for Listing
Kraken could go public before the end of 2022, the firm’s CEO has said.
Jesse Powell commented on the crypto landscape in a Thursday interview with Bloomberg TV, expressing optimism at the current market conditions.
He said that the market is yet to choose the best cryptocurrency and that “there are a lot of new bets to be made.” While the market’s recent sideways action has dampened the trading volumes, Powell said that “it’s the weak hands—the people that don’t really understand the fundamentals—that are selling the momentum.”
Powell also reaffirmed Kraken’s long-discussed plans to go public in “12 to 18 months.” The U.S. exchange is reportedly weighing up a direct listing or an IPO as an appropriate route. Coinbase, another leading cryptocurrency exchange, went public on Nasdaq with a direct listing in April.
Powell also remarked on Elon Musk’s recent comments about Bitcoin’s energy usage when prompted by the interviewer, suggesting that “Bitcoin is a lot greener than people give it credit for,” and that Musk “has some more studying to do.” The comments spurred Musk to reply “Based on what data?” on a Bitcoin Magazine Twitter post.
Based on what data?
— Elon Musk, the 2nd (@elonmusk) June 17, 2021
Musk has been central to an ongoing energy debate surrounding Bitcoin’s energy usage in recent weeks. His decision to roll back Bitcoin payments for Tesla citing ESG concerns was a key factor behind the market-wide May crash.
Powell explained that Bitcoin mining is a revenue-generating process that offers a way to “bootstrap” renewable energy farms, where energy is often wasted due to lack of demand or transmission facilities.
Kraken prides itself on being of the most regulated exchanges in the U.S. It was the first crypto exchange business to obtain a U.S. banking charter.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Kraken Becomes The First Crypto Exchange to Obtain Banking Charter
Kraken has obtained the approval to conduct many traditional banking services alongside operating as a crypto exchange. Wyoming has granted the license under Special Purpose Depository Institution (SPDI), specially formulated…
What is Polygon (MATIC): Ethereum’s Internet of Blockchains
In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…
Crypto Market Tumbles After Tesla Halts Bitcoin Payments
Tesla’s Bitcoin U-turn sends crypto assets tumbling. Tesla Halts Bitcoin Payments Tesla will no longer accept payments in Bitcoin, Elon Musk has announced. The self-described “Technoking of Tesla” took to…
Kraken Catches First Bitcoin Futures Provider
Cryptocurrency exchange Kraken has acquired the world’s first derivatives trading platform for cryptocurrency futures contracts, in a deal said to be worth potentially hundreds of millions of dollars. In a…