Kraken's third-quarter revenue reached $648 million, a 114% year-over-year increase.

Crypto exchange Kraken reported that its third-quarter revenue more than doubled as the company prepares for a US IPO next year. According to the statement, Kraken's revenue reached $648 million, a 114% increase year-over-year. The company, formally known as Payward Inc., defines revenue as gross revenue under Generally Accepted Accounting Principles (GAAP) less transaction costs. Adjusted earnings, excluding items such as taxes, were $178.6 million, a significant improvement from the slightly negative figure last year.

Kraken's total exchange trading volume increased 106% to $561.9 billion in the third quarter, and the total number of funded accounts on the platform increased 46% to 5.2 million. The company said assets on the platform increased 89% to $59.3 billion. (Bloomberg)