Kraken Names Tribe’s Arjun Sethi as New Board Member
Arjun Sethi, who helped to establish Tribe Capital, just became one of the board members of Kraken cryptocurrency.
This is following several months of financial support by Tribe of the exchange’s operations. Tribe Capital is a venture capital company, which is headquartered in San Francisco. As we speak, the firm manages assets worth more than $1 billion.
Kraken, on its part, is a platform for trading in cryptocurrency, and it’s been around for the past 10 years or so.
In its first quarter, the crypto saw its trading volume soar, with more than $160 billion getting processed.
This shows that Kraken wasn’t left behind as other trading platforms like BlockFi and Coinbase, also registered massive increases, consistent with Bitcoin’s rally.
Just last month Coinbase joined the leagues of cryptocurrency trading platforms that have gone public. Kraken has also been thinking about making a similar move.
In fact, the firm has been seeking fresh funds as it continues to push for a higher valuation, preferably one that exceeds the $20 billion mark.
Making the announcement about his new position, Sethi stated that Tribe Capital was thrilled by the opportunity of getting to work with Kraken.
In the same way they assisted with the early development of companies like Airbnb, Facebook, Uber, Yahoo and Slack, they hope that they’ll be able to speed up Kraken’s expansion.
This news comes shortly after we learned that Tekne Capital Management LLC and Electric Capital have put money into the exchange.
A spokeswoman speaking on behalf of Kraken revealed that it’s very likely the company will go public in 2022.
She reported that they’d probably use a direct listing approach as a SPAC transaction wasn’t in their cards anymore, given the firm’s size.
Unfortunately, Kraken has been the subject of investigation by the IRS a couple of times now.
In the most recent case, the IRS served Kraken “John Doe” summons. IRS sought the help of the court in asking the trading platform to provide personal details of its customers.