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Kraken Digital Currency Exchange Raises $5 Million in Funding

Avatar newsbtc 6 years ago

Kraken LogoDigital currency exchange Kraken has just received a significant amount of capital — $5 million, in fact — in a funding round led by Hummingbird Ventures out of Europe. SecondMarket CEO Barry Silbert and Trace Meyer also contributed to the funding round.

As one of the top-10 digital currency exchanges by volume, Kraken has gained an enormous amount of attention over the course of the past few months with their slick interface and ability to trade more than bitcoin. Other alt-currencies like litecoin, dogecoin, namecoin, and ripple can be traded on the platform.

A result of their spectacular growth, the company has brought on about 25 employees as of this time, but says that this funding will ensure the platform is secure. It will also serve to nail down legal compliance. As a matter of fact, most of the money will reportedly go toward acquiring proper money transmitting licenses (very costly indeed).

Kraken isn’t the only bitcoin exchange getting attention from investors. Several days ago, it was announced that Bitstamp had received about $10 million in investment cash from Pantera Capital. Last year Coinbase (which is more of a brokerage, not an exchange) raised $25 million in Series B funding, and Hong Kong-based bitcoin exchange HKCEx received a $2 million investment earlier this year. [source: TechCrunch]

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