Crypto Exchange Kraken Says Revenue Doubled in Third Quarter

Cryptocurrency exchange Kraken says revenue more than doubled in the third quarter, as the company gears up for a public listing in the US next year.

Kraken’s revenue reached $648 million, up 114% from the previous year, according to a statement. The company, officially named Payward Inc., defines revenue as GAAP gross revenue minus trading costs. Adjusted earnings before items including taxes was $178.6 million, a marked improvement from last year when the metric was slightly negative.