Kraken, a crypto exchange, is in advanced talks to raise funding valuing it at $20 billion, ahead of a potential public listing. The new funding, expected to be $200-300 million, follows a recent $500 million raise at a $15 billion valuation. Kraken has expanded its product suite and is gearing up for an IPO.

Crypto’s largest players, including Kraken, are accelerating fundraising efforts amid a favorable regulatory environment and growing mainstream adoption. More digital asset firms are tapping private and public markets to expand product lines and position for potential listings. Kraken has chosen Morgan Stanley and Goldman Sachs for its upcoming IPO, expected next year.

Tether Holdings SA, the world’s biggest stablecoin issuer, is in talks to raise $15-20 billion at a $500 billion valuation. Circle Internet Group Inc., Gemini Space Station Inc., and Bullish have already gone public this year. Kraken, along with other crypto companies, is capitalizing on the growing interest in digital assets.

Read more at Yahoo Finance: Kraken in Strategic Investor Talks at $20 Billion Valuation