Despite last year's layoffs, Kraken broke its revenue record with a 128% YoY surge

Kraken, the crypto exchange founded in 2011, reported $1.5 billion in revenue for 2024, marking a 128% year-over-year increase, and $380 million in adjusted EBITDA.

Quoting Altcoin.News, the platform currently holds $42.8 billion in client assets, 2.5 million funded accounts, and processed $665 billion in trading volume. With a 99.9% uptime and sub-2ms latency, Kraken has executed 2.5 billion trades since its launch.

The crypto exchange is an early adopter of Proof of Reserves reporting, which holds over 40% of the global stable-fiat volume market share.

Owned by Payward, Kraken has been a key player in the industry for so long. It was the first crypto exchange to obtain a bank charter and has expanded through acquisitions and regulatory approvals across multiple regions.

Despite achieving a $3 billion valuation in 2024 and launching new services like Kraken Institutional and Kraken Wallet, however, it has faced regulatory scrutiny, including fines and lawsuits from the SEC and other agencies (via The New York Times).

Kraken has also been criticized for its workplace culture and controversial leadership decisions, leading to multiple rounds of layoffs, including a 15% workforce reduction last year alone.

Elsewhere in crypto-related news, the Solana-based meme coin $HOOD surged 919% within a day, reaching an $83 million daily trading volume and a $44.6 million market cap, despite having no official ties to Robinhood.

Speculation around Robinhood’s growing crypto involvement, including collaborations with Kraken on a stablecoin network, may be fueling $HOOD’s hype.