Crypto Exchange Kraken Ponders Private Offering Over Acquisition Opportunities

Popular cryptocurrency exchange Kraken is reportedly mulling over a private offering, in which it would sell some of its shares to some of its most prominent clients, with the minimum investment being of $100,000.

According to a report published by Finance Magnates, Kraken has been sending out emails to some of its clients inviting them to fill out a survey before giving them additional information. In the emails, Kraken makes it clear it isn’t needing financing, but sees acquisition opportunities given its “significant reserves” and the crypto bear market.

Kraken is reportedly listing its shares at a $4 billion valuation. The email reportedly states:

The transaction process will be done by a 3rd party service, who will run accredited investor checks, facilitate the execution of transaction documents, and the funding of your investment.

More details about the investment opportunity are set to be provided to the clients that fill out the survey until December 16. The company is seemingly cheaper than others in the space, but as Finance Magnates points out this may be because its service was filled with glitches during last year’s bull run.

Reports have suggested suspicious Tether (USDT) trading has been observed on Kraken, as some critics suggest the stablecoin was used to pump bitcoin’s price last year, to help it reach its near $20,000 all-time high.

Earlier this year the company was affected by rumors of a security breach and staff layoffs. According to Bloomberg, the company ended up confirming it consolidated its staff, but denied hackers accessed its wallets.

Recently, as CryptoGlobe covered, a lawsuit filed by United American Corp, a Florida-based telecommunications and IT firm, against Kraken, Bitcoin.com, and Bitmain, claims these have “colluded” to manipulate the BCH network.  Kraken, as covered, has claimed Bitcoin SV is an “extremely high risk” investment.

Kraken has in the past left New York over the state’s controversial ‘BitLicense’. Jessie Powell, Kraken’s CEO, fired back at New York’ Attorney General after its regulators kept going after it this year.

TRON’s Justin Sun Giving Away $1.2 Million for UBI, 50,000 TRX to Telegram Group

Michael LaVere
  • TRON's Justin Sun is supporting US presidential candidate Andrew Yang's UBI by giving $1.2 million to 100 people in 2020.
  • Sun and the TRON Foundation also announced a 50,000 TRX ($75K) giveaway through the official TRON telegram group.

TRON founder Justin Sun has announced that he will be giving away $1.2 million to 100 people next year to support U.S. presidential hopeful Andrew Yang’s universal basic income (UBI) program, in addition to kicking off a 50,000 TRX ($75K) giveaway for users of the cryptocurrency’s Telegram group. 

Sun Supporting Andrew Yang’s UBI

Sun, who paid $4.6 million earlier in the year to host a charity lunch with Warren Buffett, has now pledged to give $1.2 million to 100 people in 2020. TRON's founder also announced that one of the 100 selected for the giveaway will be invited to his charity lunch, which was originally postponed after Sun came down with kidney stones. 

Sun has asked U.S. presidential candidate Andrew Yang for assistance in the selection process. Yang, who has a background in entrepreneurship, has built his campaign upon the idea of universal basic income (UBI), which would guarantee U.S. citizens a monthly stipend. In addition to championing the idea on the campaign trail, Yang has pledged to distribute $1,000 per month to 10 people for the next year. 

Sun has taken the movement a step forward, by pledging to support 100 people at $1000 per month for the entirety of 2020.

TRX Telegram Giveaway

In addition to promoting UBI and Andrew Yang’s cause, Sun also announced the start of a 50,000 TRX giveaway, worth $75K, for community members using TRON's telegram channel. According to tweets published by Sun and the TRON Foundation on Sept. 16, TRON supporters can gain TRX by joining and inviting others to the coin’s official Telegram group. 

In order to qualify for the promotion, users will need to engage in a conversation with the @TRONEnBot through the telegram application. From there, the TRX payout will be tied to the number of invited users who join the Telegram group. The first and second place prize are worth 5000 and 2500 TRX, respectively, with the remaining 32,500 TRX being split among the rest of users.

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