Kraken Seeks Over $100 Million in Pre-IPO Fundraising

Hi NoRamp Community,

Daily News:

1) Kraken Seeks Over $100 Million in Pre-IPO Fundraising

2) Hong Kong May Allow Spot Ethereum ETF Staking As Soon as This Year

3) Telegram Launches In-App Currency ‘Stars’ For Digital Purchases

4) Torpago Raises $10M to Support White-Label Expense Management

5) Alkami Names Former SVB Exec Gagan Kanjlia As New CPO

Kraken Seeks Over $100 Million in Pre-IPO Fundraising:

• Kraken plans to raise over $100 million in a final funding round before a potential initial public offering (IPO). According to Bloomberg, the cryptocurrency exchange is looking to strengthen its financial position with this pre-IPO funding round, capitalizing on the current market rally. The target amount is expected to exceed $100 million, with completion anticipated by the end of the year.

• Kraken is seeking a prominent company to join its board and assist in achieving a successful IPO. Discussions so far have been limited to verbal negotiations regarding terms and valuations, with no formal documentation yet. The exchange’s plans to go public have previously been delayed by crypto market downturns and disputes with the Securities and Exchange Commission (SEC).

• Meanwhile, Robinhood announced its plan to acquire Bitstamp in a $200 million all-cash deal. This acquisition aims to expand Robinhood Crypto's global presence by leveraging Bitstamp’s licenses and registrations. The deal will enhance Robinhood’s presence in the EU, UK, US, and Asia, offering users an improved trading experience with a commitment to compliance, security, and customer-centricity, according to Bitstamp CEO JB Graftieaux.

Hong Kong May Allow Spot Ethereum ETF Staking As Soon as This Year:

• Hong Kong asset managers are working to include staking within their spot ether exchange-traded funds, hoping for approval this year, according to Animoca Brands Chairman Yat Siu. Siu mentioned that discussions are ongoing in Hong Kong, and there's a strong likelihood of staking being approved in Asia before the U.S.

• HashKey, co-managing two spot bitcoin and ether ETFs in Hong Kong with Bosera, is formulating a proposal to introduce ether staking. CEO Livio Weng stated that they aim to earn rewards without increasing risks. Blockdaemon, a blockchain infrastructure provider, is also in talks with Hong Kong ETF issuers and custodians to offer staking services for the ETFs, with positive outlooks on approval.

• Despite the initial hype, Hong Kong's spot crypto ETFs have underperformed compared to U.S. counterparts. Introducing staking rewards could give Hong Kong an edge, as the U.S. SEC won't allow such features currently. Siu and Glenn Woo of Blockdaemon believe that staking could be a significant differentiator for Hong Kong, attracting more investors and making the ETFs more competitive.

  

  Source: Cointelegraph

Telegram Launches In-App Currency ‘Stars’ For Digital Purchases:

• Telegram has launched "Telegram Stars," an in-app token for purchasing digital goods and services. CEO Pavel Durov announced that mini apps can now accept payments using in-app purchases on Android and iOS. Developers can swap their Stars for Toncoin (TON) via Fragment, a platform for buying and selling Telegram usernames, and also use Stars to promote their apps on Telegram.

• Telegram will subsidize advertisements purchased with Stars on Apple and Google, which take a 30% commission on digital product sales. Future updates will introduce features like gifts for content creators. Telegram's "Notcoin" app, which amassed 35 million users in five months, demonstrates the platform's success with token-based interactions.

• Over 400 million of Telegram's 900 million users interact with Telegram bots and mini apps monthly. In April, Telegram launched Tether (USDT) on the TON blockchain, making cryptocurrency adoption easier for users. TON reached an all-time high price of $7.65, with a current market cap of $18.2 billion, still below its $25.2 billion peak.

Torpago Raises $10M to Support White-Label Expense Management:

• Torpago raised $10 million in a Series B funding round to support its white-label commercial credit card and expense management platform for banks. The new funding will be used to meet growing demand, enhance implementation and compliance resources, and expand the product suite, according to a press release on June 6. CEO and founder Brent Jackson stated that banks and credit unions see FinTechs as essential partners for modernization.

• The Powered By solution from Torpago helps regional and community banks differentiate their products, drive commercial client growth, and compete with FinTechs and national institutions. Built on a technology stack that includes web and mobile apps, native APIs, and microservices, the solution provides real-time integration and other benefits for managing expenses.

• The funding round was co-led by Priority Tech Ventures and EJF Ventures. Thomas Priore, chairman and CEO of Priority Technology Holdings, highlighted the importance of Torpago’s platform. Jonathan Bresler, managing partner of EJF Ventures, emphasized its impact on modernizing key offerings for community and regional banks. Torpago's previous collaboration with Marqeta and Sunwest Bank launched the Sunwest Bank Visionary Card, a commercial credit card and expense management solution.

Alkami Names Former SVB Exec Gagan Kanjlia As New CPO:

• Alkami Technology has appointed Gagan Kanjlia as its new Chief Product Officer (CPO). CEO Alex Shootman praised Kanjlia's entrepreneurial mindset and ability to develop, commercialize, and scale market-leading financial products.

• Kanjlia previously served as CPO at Silicon Valley Bank, overseeing commercial banking solutions. His 25-year career includes senior leadership roles at Capital One, where he co-founded and led the bank’s internal accelerator and incubator, Capital One Garage.

• Kanjlia stated that Alkami is well-positioned to help regional and community financial institutions compete against megabanks' digital capabilities. Founded in 2009, Alkami provides cloud-based digital banking solutions and has recently signed deals with several new clients, including IC Credit Union, Credit Union of Texas, and Elevations Credit Union.

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