SkyBridge Capital founder and Bitcoin (CRYPTO: BTC) bull Anthony Scaramucci lauded Kraken on Wednesday after the cryptocurrency exchange secured a Federal Reserve master account.
Kraken Evolving Into Something ‘Much Bigger,’ Says Scaramucci
Scaramucci said on X that Kraken is building a “monster business” through “shrewd acquisitions,” organic growth and the latest Fed approval that gives it direct access to Fedwire, the core payment infrastructure used by thousands of U.S. banks and credit unions.
“Already your favorite crypto trader’s favorite crypto exchange, now evolving into something much bigger/broader,” Scaramucci said. He also used the Octopus emoji, used to represent flexibility and adaptability, to explain Kraken’s rise.
Kraken Makes History
Scaramucci’s comments follow Kraken becoming the first cryptocurrency company in the U.S. to secure a Fed master account. The account will let Kraken settle dollar transactions directly on Fed rails rather than routing through intermediary banks.
However, the approval comes with riders. Kraken won’t earn interest on reserves and won’t have access to the Fed’s emergency lending facilities.
IPO When?
The move comes ahead of Kraken’s widely anticipated IPO. The exchange set its valuation at $20 billion in November after securing $800 million in funding.
If approved, Kraken would become the third crypto exchange to list on Wall Street, alongside Coinbase Global Inc. (NASDAQ:COIN) and Bullish (NYSE:BLSH).
Kraken ranks as the second-largest U.S. cryptocurrency exchange by trading volume, handling $1.99 billion in the past 24 hours, behind Coinbase’s $3.35 billion, according to data from CoinGecko. The trading platform supports over 500 cryptocurrencies, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Al Teich On Shutterstock.com
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