Kraken, one of the most popular cryptocurrency exchanges, is in talks to increase the exchange’s valuation past $20 billion. CEO Jesse Powel is in talks with financial power-players like Fidelity, Tribe Capital, and General Atlantic for investments.
Why it matters: The backing from traditional institutions is a show of confidence both in Kraken and crypto as an asset class. The increased adoption of cryptocurrency by legacy institutions could further propel the asset’s valuation and mainstream use.
Between the lines: Bitcoin and other top cryptos have seen gains over 40% in the past month. Despite a minor dip in the past week, cryptocurrency’s wider adoption by companies like Tesla and Visa indicates some institutional confidence in blockchain projects.
Yes, but: Public interest in crypto remains low. Only 9% of people have any type of investment in crypto and 18% of the public “say they have never heard of it.”
