Kraken is moving forward with plans for a potential Initial Public Offering (IPO) that could value the crypto exchange at over $15 billion. The company is currently in a fundraising round to secure $100 million in capital, with the goal of completing it by the end of the year. This comes after Kraken had previously put its IPO plans on hold following Coinbase’s turbulent market debut. Kraken is one of the world’s largest exchanges, with over $1.37 billion in daily trading volume.
The revived IPO plans have brought renewed attention to co-founder Jesse Powell’s historical comments about XRP. A recent social media exchange between Ripple CTO David Schwartz and various users saw old accusations resurface that Powell held a negative view of the token. Schwartz defended Powell, clarifying that his concerns were rooted in regulatory uncertainty, rather than any personal hostility toward XRP.
Powell had previously described XRP’s legal status as an “asymmetrical risk” for exchanges. This proved to be a valid concern when Kraken temporarily suspended XRP trading for its U.S. customers during the SEC’s lawsuit against Ripple. Powell explained the decision was a business-driven one to mitigate potential liability, and not a personal attack. Kraken has since resumed XRP trading after the court ruled favorably for Ripple.
August 2025, Cryptoniteuae
