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   1124

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 to Raise $13.5 Thru BnkToTheFuture

2,263 people with an average investment of $100.000 took part in crownfunding campaign, which became record for the platform
25 June 2019   489

The US Bitcoin exchange Kraken raised $ 13.5 million through the sale of private equity through the investment platform BnkToTheFuture (BF). This was the most successful round of financing from individual investors in the history of BF, reports CoinDesk.

So, in total Kraken crowdfunding campaign was attended by 2,263 people with an average investment of $ 100 thousand. The funds raised are probably used by the exchange to make new acquisitions.

It is noteworthy that BF created a subsidiary, which became the recipient of individual investments in order to subsequently act as a single investor for Kraken. This allowed the exchange to bypass the requirements of the US Securities and Exchange Act and not to go to an IPO.

It is noteworthy that Kraken initially intended to raise $ 10.2 million, but the demand for its shares turned out to be higher and the exchange extended the fundraising period.

According to Kraken's own estimates, its capitalization is $ 4 billion.

Earlier this year, the exchange also acquired Crypto Facilities, a trading platform for cryptocurrency derivatives, expanding the range of services offered.