BTC-Newswire

Kraken Records $1.5 Billion in Revenue as US Trading Volume Surges

Press Releases Crypto News BeInCrypto Kraken Records $1.5 Billion in Revenue as US Trading Volume Surges

Kraken’s revenue surged significantly in 2024, reaching $1.5 billion—an increase of 128% year over year.

The US-based crypto exchange’s financial success aligns with a broader market upswing, which saw Bitcoin and other digital assets reach new all-time highs.

Kraken’s Trading Volume Hits $665 Billion

In 2024, the platform reported $380 million in earnings before interest, taxes, depreciation, and amortization (EBITDA), fueled by $665 billion in trading volume.

On average, Kraken generated over $2,000 per customer while holding approximately $42.8 billion in assets. The platform also managed 2.5 million funded accounts, becoming the fifth-largest centralized exchange in terms of daily trading volume.

Kraken attributes its success to a long-term growth strategy rather than short-term market trends. This focus has helped it dominate the stable-to-fiat on-ramp sector. The exchange managed over 40% of the global stable-fiat volume among major centralized exchanges.

Kraken 2024 Financial Highlights. Source: Kraken

The company also emphasized its commitment to seamless execution, reporting 2.5 billion trades since inception, 99.9% platform uptime, and sub-2ms round-trip latency.

Kraken Co-CEO Arjun Sethi reaffirmed the firm’s commitment to transparency while announcing plans to release quarterly financial reports that would include the exchange of proof-of-reserves disclosures.

“Today’s financial highlights are the first of many as we continue to prioritize transparency and accountability. We remain committed to publishing our Proof of Reserves regularly, ensuring our clients’ highest level of trust,” Sethi added.

While Go to Source to See Full Article
Author: Oluwapelumi Adejumo

Did you like this?
Tip BTC Newswire with Cryptocurrency