Founded in 2011, San Francisco-based Kraken is one of the oldest crypto exchanges, with a wide selection of digital assets and national currencies. It was the first Bitcoin exchange to have a trading price and volume displayed on the Bloomberg Terminal, the first to pass a cryptographically verifiable proof-of-reserves audit, the first exchange to switch to the ISO 4217 standard currency code for Bitcoin, and created the first cryptocurrency bank in partnership with German online bank Fidor.
The company was founded by Jesse Powell, a virtual currency, online international payments and fraud expert with over 15 years of experience. Kraken launched in September 2013, with live trading after two years of development and beta testing. Initially, the exchange offered trades between Bitcoin, Litecoin, and Euro. Additional currencies and margin trading were eventually added. To begin with, it mainly operated in Canada, the US, and the EU.
Kraken positions itself as the best Bitcoin exchange for serious and professional Bitcoin traders. Top of its agenda is impeccable security, reliable banking relationships, a fast trading engine, and advanced order types.
In an interview with Hackernoon, Jesse cites 2015 as the year Kraken first became profitable. Kraken was able to expand quickly in the years that followed by acquiring several other Bitcoin businesses. These included Coinsetter, Cavirtex, CleverCoin, Glidera, and CryptoWatch.
In March 2014, Kraken raised $5 million in Series A funding led by Belgium-based Hummingbird Ventures. In 2016, in a Series B round, it received investment from Money Partners Group, one of Japan's leading foreign exchange brokerages, for an undisclosed amount. It also entered into what was described as a 'multi-million dollar agreement' with SBI Investment, one of Japan's leading and most respected venture capital firms. Further terms of the deal were not disclosed.
In May 2018, Kraken made a $1 million donation to the nonprofit Coin Center and pledged to match any donation up to the value of $1 million for the following month. Coin Center is a leading crypto advocate, educating policymakers and the media, while pressing for solutions that keep cryptocurrency networks open, decentralized, and permissionless.Read More