Kraken Crypto Exchange announced an annual revenue of $1.5 Billion in 2024 cementing its position as one of the top exchanges in the industry.
Kraken Co-CEO Arjun Sethi announced the numbers with a 31 Jan blog post highlighting the mission of the exchange and its unique approach to growth and expansion.
“ In 2024, we saw revenue of $1.5 billion (up 128% year-over-year) and $380 million in adjusted EBITDA. During the year, clients entrusted us with $42.8 billion in assets on the platform and 2.5 million funded accounts. Total trading volumes in 2024 reached $665 billion and our average revenue per customer is now well over $2,000 — far surpassing any comparable stat we’ve seen from traditional or crypto exchanges.
One of Kraken’s core principles from day one has been accountability — to our customers, shareholders, and employees. We don’t just measure success by volume but by the quality of that volume. Not just by security, but by the depth and soundness of that security. Not just by accessibility, but by how seamlessly our products integrate liquidity and user experience.” Sethi explained.
Kraken is one of the oldest exchanges in the industry and was founded at the onset of the collapse of the MT Gox exchange.
2.5 Billion Trades
The blog post by the Co CEO of the company revealed that the exchange has executed over 2.5 billion trades since its inception. The volume of trade can be attributed to the efficient tech of the platform which recorded a 99.9% uptime and sub-2ms round trip latency.
Headquartered in San Francisco, USA, Kraken operates in over 190 countries and is regulated in multiple jurisdictions.
The exchange boasts of being one of the few exchanges to pass a proof-of-reserves audit, ensuring transparency in fund holdings.
Kraken has never experienced any major hacks or loss of funds since its inception making it one of the safest exchanges in the market.
In July 2024, the biggest crypto exchange in India lost $230 million to a security breach stemming from the compromisation of its multi-signature wallet.
It was the biggest hack of 2024 and highlights the risks involved in running exchanges.
