One of the world’s largest crypto exchanges has raised a huge stash of capital from a blue chip financial titan. The Wyoming-based Kraken secured $200 million in a strategic investment from Citadel Securities, the nearly 25-year-old market maker, a Kraken spokesperson confirmed to Fortune. The investment valued the crypto exchange at $20 billion.
The round comes shortly after Kraken closed an earlier round of financing in September in which it raised $600 million at a $15 billion valuation from a fleet of Wall Street and Silicon Valley mainstays including Jane Street, DRW, HSG (formerly known as Sequoia Capital China), Oppenheimer, Tribe Capital, and the family office of Arjun Sethi, Kraken’s co-CEO.
The Kraken spokesperson also publicly confirmed the $600 million round of financing for the first time. Bloomberg first reported in September that the crypto exchange was considering a new raise at a $20 billion valuation from a strategic investor.
“We’re excited to support Kraken’s continued growth as it helps shape the next chapter of digital innovation in markets,” Jim Esposito, president of Citadel Securities, said in a statement in a press release shared with Fortune. The market maker will work with Kraken on risk management and market structure analysis, among other efforts, according to the release.
