Cryptocurrency exchange Kraken is moving forward with its plans to hold an initial public offering (IPO) this year.
Arjun Sethi, co-CEO of Kraken, said the exchange is “about 80% ready” to go public by year’s end, underscoring the firm’s ambitions to hold an IPO, though an exact date hasn’t been set.
Sethi made the comments as Kraken announced a new partnership with MoneyGram aimed at solving crypto’s last mile issues.
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The CEO said the deal aims to bridge the gap between crypto and physical cash. MoneyGram has about 500,000 retail locations worldwide.
Kraken had previously paused its IPO plans in March of this year after confidentially filing with the U.S. Securities and Exchange Commission (SEC) last November.
In March, Kraken said market conditions weren’t conducive to holding an IPO as the crypto winter that began last October was then in full swing.
But now, with Bitcoin back above $80,000 U.S. and the entire market for digital assets on an upswing, Kraken is once again moving forward with its plans for a market debut.
Sethi said Kraken has filed for the IPO but is waiting for the right moment to pull the trigger.
“We’re ready,” he said concerning the IPO plans, citing a broader industry reset driven by automation and tighter cost discipline.
Kraken would be one of several crypto exchanges to go public in the past year, following the IPOs of Gemini (NASDAQ: $GEMI) and Bullish (NYSE: $BLSH).
