11 December 2017
visit www.avoka.com

Kraken Bitcoin exchange raises $5 million in Series A funding

26 March 2014  |  2011 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 http://info.nice.comvisit www.solutions.lexisnexis.comvisit www.atos.net

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18126 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11033 views comments | 7 tweets | 6 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
6677 views comments | 13 tweets | 20 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6415 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
5822 views comments | 5 tweets | 12 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job