Crypto exchange Kraken is negotiating a funding round of $200–$300 million, aiming for a $20 billion valuation before its planned initial public offering (IPO). Morgan Stanley and Goldman Sachs are set to act as underwriters. The new funding would boost Kraken’s valuation by $5 billion compared to its previous $15 billion valuation from earlier fundraising rounds. The exchange recently saw a leadership change, with David Ripley taking over as CEO after co-founder Jesse Powell’s tenure. Powell, while silent on the funding round, emphasized Kraken’s commitment to innovation and security.