26 April 2018

Kraken Bitcoin exchange raises $5 million in Series A funding

26 March 2014  |  2041 views  |  0 Source: Payward

Payward, Inc. today announced the completion of a $5 million Series A round of funding for its Kraken division, the innovative online exchange for Bitcoin, Ripple, Litecoin, Namecoin, Dogecoin, Ven and other digital currencies. The Series A round was led by Hummingbird Ventures.

At Kraken, foreign-exchange markets meet Bitcoin on a secure, regulated platform where customers can trade digital currencies on protected hardware, with margin trading and advanced ordering, along with fast deposits and withdrawals enabled by a strategic agency partnership with German online bank Fidor AG.

"We're excited to get significant funding to expand Kraken, which already has the most advanced order types, from the newest of users to the most sophisticated traders," said Jesse Powell, founder and CEO of Kraken. "We're looking forward to forging strong bank relationships in the US and elsewhere in the world, as we have in the EU, and expanding our global footprint."

From technical competency and legal compliance to regulations and general administration, the digital currency exchange business is hard work. With the rapid pace of financial innovation unleashed by Bitcoin, the United States is in dire need of a domestic digital currency exchange to be on an even playing field with the rest of the world. Although the United States is the largest Bitcoin market, the vast majority of Bitcoin liquidity is held elsewhere. Kraken aims to change that.

"The potential for a new payment platform and the rise of alternative currencies could have profound and exciting implications for the way we conduct financial transactions," Sen. Charles Schumer of New York recently said.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit http://wup.digital

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
15545 views comments | 21 tweets | 28 linkedin
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
10216 views comments | 28 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
9405 views comments | 20 tweets | 21 linkedin
Major card schemes zero in on single 'buy' button for online commerceMajor card schemes zero in on single 'buy'...
9156 views comments | 20 tweets | 37 linkedin
JPMorgan to roll out Voice ID; begins branch expansionJPMorgan to roll out Voice ID; begins bran...
8647 views comments | 6 tweets | 8 linkedin

Featured job

Competitive base, double OTE
London, UK or Paris, France or Frankfurt, Germany (other major cities in Europe considered)

Find your next job