Crypto Exchange Kraken Explores Up to $1 Billion Debt Package

Crypto exchange Kraken is exploring raising as much as $1 billion in debt ahead of a potential initial public offering, according to people with knowledge of the matter.

The company is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on the effort, which is at a preliminary stage, said the people, who asked not to be identified discussing confidential information. The two banks have begun conversations with additional banks and direct lenders, the people said.