Crypto exchange Kraken has extended its acquisition streak by buying token management platform Magna as the company prepares for an expected public market debut.
The deal, announced Wednesday by Kraken’s parent company Payward, brings a platform used by crypto teams to manage token vesting, claims and distributions. It currently serves over 160 clients and reported a maximum total value locked (TVL) of $60 billion by 2025, according to the press release.
Terms of the deal were not disclosed.
The deal highlights Kraken’s efforts to become more than just a crypto exchange, expanding its offerings ahead as the firm is widely expected to go public.
Last year it bought US futures platform NinjaTrader for $1.5 billion, US-licensed derivatives trading platform Small Exchange for $100 million. It also acquired proprietary trading firm Breakout and tokenized equity specialist Backed Finance, the issuer behind xStocks.
Kraken raised $800 million in November, a round that included Citadel Securities valuing the company at $20 billion.
Magna will continue to operate as a standalone platform, but its tools will be integrated into Kraken’s institutional product suite.
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