Kraken to Leave Japan

One of the oldest cryptocurrency exchange leaves Japan due to increased cost of doing business in the country

17 April 2018 734

One of the oldest crypto exchanges Kraken announced the termination of work in Japan. Main reason for this decision is called the increased cost of doing business in this country, reports Bloomberg.

The exchange said that it plans to stop all services for residents of Japan until the end of June, but in the future, if the situation changes, it can again return to this market.

Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas. This is a localized suspension of service that only affects residents of Japan and does not impact services for Japanese citizens or businesses domiciled outside of Japan.

Kraken

Kraken started to operate in Japan since October, 2014. According to Coinmarketcap, Kraken takes the 10th place in the list of exchanges in terms of trading volume.

In March, the exchange closed a number of bank accounts, and also stopped accepting deposits in US dollars, euros and British pounds through the interbank transfer system SWIFT.

Kraken Exchanges Blockchain

Kraken to Prepare a Private Listing at $4B Valuation

The company sent letters to the largest customers, which told about a new investment feature

12 December 2018 90

The well-known US cryptocurrency exchange Kraken is considering the possibility of a private placement of securities, reports Finance Magnates.

The company sent letters to the largest customers, which told about a new investment opportunity. In particular, Kraken users are invited to participate in an online survey before receiving additional information about private placement.

Representatives of Kraken emphasize that the exchange does not particularly need financing. However, given the bear market and "significant reserves", Kraken is considering various opportunities for new acquisitions.

In letters to customers it is noted that the placement will be carried out with a company valuation of $ 4 billion. At the same time, the minimum amount of investment in Kraken shares is $ 100 thousand.

Kraken also intends to assess each investor for compliance with the criteria for participation in the placement. Interested users must respond to the Kraken offer before December 16th.

Founded in July 2011, the Kraken exchange is currently in 27th place in terms of trading volume.

Private placement involves the distribution of securities among a predetermined number of investors. In case of private placement, no public offer is made to buy securities to anyone.

As a rule, such an issue of securities is easier to organize, it causes less legal difficulties and practically does not require marketing costs. Company also doesn't need to disclose financial and business information to an unlimited number of individuals, including competitors.

On the other hand, as a rule, private placement allows you to collect less money than public.