Kraken
Kraken is the second-oldest major US crypto exchange, serving 10M+ users with spot, margin, and derivatives products under a Wyoming SPDI charter — one of the few US-based crypto entities operating with a genuine banking-adjacent regulatory posture.
The 2025 relaunch under co-CEOs Arjun Sethi and David Ripley refocused the product around an integrated CeFi/DeFi experience, with the Ink L2 (announced 2024) providing an on-chain surface directly connected to the exchange.
Kraken is preparing for a public listing in 2026 following the IPO of Circle, targeting a market comp that reflects its regulated status and institutional client base.
The regulated US exchange with the cleanest legal history. We participated in the Series C ahead of the SPDI charter.
Arjun Sethi
Co-CEODavid Ripley
Co-CEOJesse Powell
Founder & ChairmanMarco Santori
Chief Legal Officer- 2011Founded by Jesse Powell
- Q3 2019Oryon Series C
- 2020Wyoming SPDI charter granted
- Q4 2026IPO planning underway
Ink L2 in staged rollout. IPO planning underway for 2026.
“Kraken has consistently played the long regulatory game and it is finally paying off.”
— American Banker, 2025