Kraken’s Crypto Reign: From NFT Shutdown to Billion-Dollar Revenue 🐙💰

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Oh, how the tentacles of fortune wrap around the mighty Kraken! 🐙 The centralized crypto behemoth has revealed its 2024 financials, boasting a staggering $1.5 billion in revenue, a 128% leap from the previous year. 💸

But wait, there’s more! Earnings before interest, taxes, depreciation, and amortization (EBITDA) soared to a whopping $330 million. 🚀 And let’s not forget the $665 billion in trading volume conducted by over 2.5 million funded accounts. 📈

Latest Developments at the Kraken’s Lair 🌊

In a shocking twist, Kraken closed its non-fungible token (NFT) marketplace just a year after its launch. 🗑️ But fear not, this strategic move was to focus on new product offerings and services. 🎯

As NFT sales volumes dwindled, Kraken emerged victorious, proving that adaptability is key in the ever-changing crypto seas. 🌊

And in a bold move, Kraken was chosen by the FTX bankruptcy estate to distribute funds to former customers and creditors. 💸 This could potentially spark more trading activity as former FTX clients seek greener pastures. 🌿

Bitwise, an ETF issuer, predicts Kraken’s imminent public listing in 2025, alongside other crypto giants like Circle, Figure, and Chainalysis. 📈

After a two-year hiatus, Kraken has resurrected staking services for U.S. customers, offering yield-bearing features for residents in 37 states. 🌟

However, this resurrection came at a hefty price – a $30 million settlement with the SEC, who accused Kraken of selling unregistered securities through its staking service. 📄

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2025-01-31 22:19