One of Coinbase's (COIN) top competitors, the Kraken exchange, is looking to go public in the near future. In an interview with Bloomberg, the CEO and founder of Kraken, Jesse Powell, said company is already "doing all the prep work."
Don’t miss out on how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
Powell declined to give the valuation the company would seek in its move to a public company, but he did say that the valuation should reflect their success in bringing crypto to the world.
“We’re on a mission to bring crypto to the world, and our valuation hopefully will be a reflection of our success in achieving that mission," said Powell.
Kraken is now one of the leading exchanges in terms of trading volume and average liquidity and has over 6 million clients in nearly 190 countries.
When asked if people are trading differently after the recent sell-off, Powell said that the people who are selling are mostly newer to the market.
"What we're seeing is that the people who are selling at these levels are people who have actually acquired these assets in the last year or so. We see the guys that have been holding for a long time just continuing to accumulate."
He added that there's less enthusiasm in the market of those that don't quite understand it.
"People that just came in for the quick gains, those people are also quick to leave when the price starts slipping. But the people that have been here for the fundamental reasons that understand the true long-term impact of cryptocurrency on the world, those guys are here to stay are here to stay they are continuing to accumulate."
Powell was also asked about the Elon Musk tweets and said that there may be greener alternatives, but Bitcoin is a lot greener than people realize.
"I don't see anything replacing Bitcoin at the moment. I think there could be greener alternatives, however, I think Bitcoin is a lot greener than people give it credit for. It is a way to capture a lot of discarded and lost energy its a way to bootstrap renewables. I don't know how long Elon has been studying this but I think he's got more studying to do on this topic."