On Tuesday, cryptocurrency exchange Kraken announced a strategic partnership with Alpaca, a brokerage infrastructure API. This collaboration aims to expand Alpaca's regulated crypto trading capabilities by integrating Kraken Embed, Kraken's Crypto-as-a-Service (CaaS) solution. This integration offers Alpaca's 200+ enterprise partners seamless access to numerous cryptocurrencies.
According to the source (Tuesday, Kraken), Kraken Embed allows financial institutions to offer compliant crypto solutions without managing complex infrastructure. This partnership, currently live in the United States, plans to expand to Canada, the European Union, and the United Kingdom soon. The roadmap includes staking and crypto derivatives.
Kraken's revenue more than doubled in 2024, reaching $1.5 billion, with adjusted earnings of $380 million. Kraken, founded in 2011, has raised approximately $27 million in primary funding. Kraken is preparing for an initial public offering as early as the first quarter of next year.