Kraken revenue surges 128% to $1.5 billion in 2024 amid strategic overhaul

Kraken’s revenue doubled to $1.5 billion in 2024, a 128% jump. They’ve also brought back staking services in the US and might go public next year.

Kraken’s Big Year: Numbers Don’t Lie

Kraken’s revenue absolutely exploded in 2024, reaching a cool $1.5 billion – that’s a 128% increase from the year before! The source indicated that they are also holding a massive $42.8 billion in customer assets, which works out to over $2,000 in revenue per customer on average. That’s a lot of digital coins! They also raked in $380 million in earnings before interest, taxes, depreciation, and amortization (EBITDA), which is a fancy way of saying they made a good chunk of profit. The platform saw $665 billion in trading volume, supported by more than 2.5 million active accounts. The source explained that all this growth follows some strategic changes they made, like tweaking their product offerings and focusing on what they do best. It seems like their plan worked out pretty well.

Staking Returns and Future Plans

But the story doesn’t end with just big numbers. Kraken also made headlines by bringing back staking services in the US after a two-year break. Remember that whole thing with the Securities and Exchange Commission (SEC)? Well, after a $30 million settlement back in 2023, they paused staking due to regulatory concerns. The source revealed that now, residents in 37 states can stake 17 different digital assets, including Ethereum and Solana. That’s a big win for users who want to earn passive income on their crypto holdings.

And it seems Kraken isn’t slowing down. There’s been a lot of talk about them potentially going public, with some projections suggesting it could happen as soon as 2025. ETF issuer Bitwise thinks they’ll join other crypto firms on traditional stock exchanges, like Circle and Chainalysis. They’ve also been beefing up their futures trading, introducing new contracts for key cryptocurrencies and enhancing their margin trading options. Basically, they’re giving traders more tools and flexibility. So, keep an eye on Kraken; they’re definitely a player to watch in the crypto world!

See also  Cryptocurrency Market Analysis: Ether's Decline and Bitcoin's Rise

Source: Kraken Revenue Surges 128 To 1 5 Billion In 2024 Amid Strategic Overhaul | Cryptoslate.com

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