By Arjun Sethi, co-PDG of Kraken
Kraken was founded in 2011 with a clear vision: building the safest, reliable and accessible to the world cryptography exchange. Our founders, Jesse Powell and Thanh Luu, launched the company with a relentless accent on products, execution and long -term impact.
At the time, Mount Gox was about to collapse – something Jesse had seen coming – and after a decade of frustration with traditional payments in the space of virtual goods, it was clear that someone had to intensify.
Bitcoin had the potential to change the world, but without secure and resilient exchange, he would not reach his whole promise. Kraken was so concentrated that we did not collect more than $ 27 million in primary capital during our 14 years of existence.
Call him kick, disciplined or just an obsession with efficiency – but what matters is that we have built for hyperprowth, stability and scale. We have refuted the story that you have to increase billions to generate billions.
We have succeeded by focusing on the execution
Our incredible technological platform continues to deliver, with 2.5 billion transactions carried out since the creation, of 99.9% of availability and round trip of the sub-2M. Our relentless execution is highlighted by our high financial moments of 2024, which we publish for the first time in the history of Kraken.
In 2024, we saw revenues of $ 1.5 billion (up 128% in annual sliding) and $ 380 million in adjusted Ebitda. During the year, customers entrusted us with $ 42.8 billion in the platform and 2.5 million accounts funded. The total negotiation volumes in 2024 reached $ 665 billion and our average turnover per customer is now much more than $ 2,000 – far exceeding any comparable statistics that we have seen from traditional or cryptographic exchanges.
One of the main principles of Kraken from the first day was the responsibility – to our customers, shareholders and employees. We do not only measure success by volume, but by the quality of this volume. Not only by security, but by the depth and solidity of this security. Not only by accessibility, but by the way our products integrate liquidity and user experience.
Kraken is a creature of depths, and we have built tirelessly for growth
While others have driven out short -term victories, we have built our platform differently – regularly and methodically. We did not take ourselves in superficial statistics or shallow victories. Today, with increasing regulatory clarity and rear winds of the industry – not only in the United States, but in the world – we position ourselves for even greater acceleration.
Our execution of disciplined products and our diversified customers helped us build the deepest crypto liquidity pools, making Kraken one of the main stable onramps in the world with more than 40% market share of the volume of volume Stable sheet in major CEXs. This liquidity attracts more customers, stimulates the adoption of new products and feeds our continuous expansion.
Transparency is not only a subject of discussion for Kraken. The confidence that we have built with our customers through this transparency is our motto, and it is fundamental for whom we are.
In crypto, as in any industry, most companies focus on vanity measures. Just as the first days of the Internet have passed from the pages seen and click more significant commitment measures like DAU / MAU, and the mobile has gone from installations to daily retention inscriptions, the crypto undergoes a similar transformation.
The terminology can change, but the fundamentals remain the same: sustainable companies are built on real income, deep customer commitment and the creation of long -term value. This is why we were one of the first to publish our proofs of reservations – and although others stopped, we remained determined to publish it regularly, guaranteeing the highest level of transparency and responsibility.
We are also committed to extending our scope, to evolve sustainably and growing quarter per quarter for the decades to come – while keeping our advantage, remaining faithful to our culture of innovation and continuing to push the limits as pioneers of industry.
The sacrifices and good decisions of the past have brought us here, but we do not make them for granted. It is up to the team today to pass Kraken to the upper level – to remain disciplined, to think in the long term and never lose sight of the depths that distinguish us.
Revenues represent the total gross income of the period indicated. EBITDA is a profit before interest, taxes, depreciation and damping. The adjusted Baiia excludes irregular, non -recurrent and / or discretionary expenses and is intended to provide a clearer view of the basic profitability of the company. The active ingredients are measured on the last day of the year. Funded accounts represent the total of customers financed with a balance of more than $ 0 from the last day of the year. The volume of total trading includes volumes of spot, margin, term contracts and consumer exchange for the full year. Average user income (ARPU) is measured according to the total gross / total average revenues of monthly transaction users for the 12 -month end. Peer Arpu based on information accessible to the public where specific numbers are not disclosed.
This contains prospective declarations and operating and financier figures related to the company which reflect the views and / or the current expectations of the company and its management in what has happened, everyone can prove to be incorrect. Prospective declarations include, without limitation, any declaration which may predict, provide, indicate or involve results, performance or future achievements, and may contain Words like “believe”, “forecast”, “estimate”, “anticipated”, “wait”, “consider”, “intention”, “plan”, “project”, “target” or any other words or sentences of similar meaning. These declarations are subject to a certain number of risks, uncertainties and hypotheses. Prospective declarations are not future performance guarantees and our real results or other developments may differ significantly from the expectations expressed in prospective declarations. Past performance is not necessarily indicative of future results. With regard to prospective declarations related to future financial results and other projections, real results may be different due to the uncertainty inherent in estimates, forecasts and projections. Due to these uncertainties, the reader should not count on these prospective declarations. Neither the company nor any of its affiliates, administrators, managers, agents or employees, nor any of its security holders will be in any event depends on the information and the declarations contained in this presentation or for any consecutive, special or similar damage .
