Payward, Inc.—the Delaware-incorporated entity behind Kraken—filed a Form D with the SEC, announcing the sale of $400M of equity securities under Rule 506(b) of Regulation D.
Key highlights:
Pre-IPO planning began mid-2024
Equity raised: $400M
Debt financing: up to $500M expected on top of the equity round
Use of proceeds: 100% directed toward growth initiatives and IPO preparation
This milestone underscores strong institutional appetite for crypto platforms.
Product
Kraken launched a peer-to-peer payments app, Krak, that allows users to send and receive funds — in more than 300 currencies, including crypto, fiat, and stablecoins— across more than 100 countries. Crypto transfers will use blockchain technology, while cash transfers will be processed internally by Kraken without relying on external banking infrastructure.
Kraken begun rolling out the availability of tokenized U.S. stocks and exchange-traded funds (ETFs) on its crypto platform for eligible non-U.S. clients.
Partnership
Kraken partnered with DeFi Development to list the tokenized stock of DeFi Development's publicly traded equity on the Solana blockchain. This collaboration will see DeFi Development's tokenized stock, DFDVx, become part of Kraken's upcoming xStocks platform, alongside companies like Apple, Tesla, and Nvidia.
Kraken announced a strategic partnership with Alpaca to expand crypto trading capabilities for financial institutions. This partnership incorporates Kraken Embed, Kraken's Crypto-as-a-Service solution, into Alpaca's platform, providing access to hundreds of cryptocurrencies.
Kraken partnered with Dutch neobank Bunq to integrate crypto services directly into Bunq's app. This partnership allows Bunq users to buy Bitcoin and other cryptocurrencies with ease, leveraging Kraken's infrastructure and security standards.
Staff
Kraken officially moved its U.S. headquarters to Wyoming. The decision was primarily based on Wyoming's crypto-friendly regulatory landscape, which encompasses over 30 laws specifically tailored to the cryptocurrency sector.