Kraken's Revenue and Trading Volume Double in 2024

US-based cryptocurrency exchange Kraken has reported significant increases in revenue and trading volume for the year 2024. According to a recent blog post, the exchange, which is the second-largest in the US by trading volume, saw its revenue and trading volumes double compared to the previous year.

Kraken attributed its growth in 2024 to its focus on improving execution. The company reported revenue of $1.5 billion, a 128% increase from the previous year, and adjusted EBITDA of $380 million. Clients entrusted the platform with $42.8 billion in assets, and the number of funded accounts reached 2.5 million. Total trading volumes reached $665 billion, with the average revenue per customer surpassing $2,000.

Kraken's core principle of accountability to customers, shareholders, and employees has been a driving force behind its success. The company measures success not just by volume, but by the quality of that volume, as well as the depth and soundness of its security and the seamless integration of its products with liquidity and user experience.

The announcement comes one day after the relaunch of Kraken's staking program, which allows users to earn passive income by locking up their cryptocurrencies for a set period. This move is part of Kraken's ongoing efforts to expand its offerings and attract more users to its platform.