Cryptocurrency exchange Kraken has added Arjun Sethi, co-founder and partner of venture firm Tribe Capital, to its board.
The San Francisco-based exchange has also been in talks to raise a new funding round, which could boost its valuation to $20 billion, Bloomberg reported Thursday.
It was reported in February that Kraken was in discussion with Tribe Capital, Fidelity and General Atlantic to raise an unknown sum that would value the exchange at $10 billion, suggesting its valuation has doubled in less than three months.
Tribe Capital is Kraken’s second-largest institutional investor behind Hummingbird Ventures, Sethi said in an interview.
Kraken has also been said to be considering a stock market debut in 2022, either via a tie-up with a special purpose acquisition company (SPAC) or a traditional initial public offering (IPO).
Sethi is now a non-executive director of Kraken and its third board member along with CEO and co-founder Jesse Powell and co-founder Thanh Luu.