Cryptocurrency exchange Kraken has added Arjun Sethi, co-founder and partner of venture firm Tribe Capital, to its board.
- The San Francisco-based exchange has also been in talks to raise a new funding round, which could boost its valuation to $20 billion, Bloomberg reported Thursday.
- It was reported in February that Kraken was in discussion with Tribe Capital, Fidelity and General Atlantic to raise an unknown sum that would value the exchange at $10 billion, suggesting its valuation has doubled in less than three months.
- Tribe Capital is Kraken’s second-largest institutional investor behind Hummingbird Ventures, Sethi said in an interview.
- Kraken has also been said to be considering a stock market debut in 2022, either via a tie-up with a special purpose acquisition company (SPAC) or a traditional initial public offering (IPO).
- Sethi is now a non-executive director of Kraken and its third board member along with CEO and co-founder Jesse Powell and co-founder Thanh Luu.