Kraken reportedly halts IPO plans amid crypto market downturn

Cryptocurrency exchange Kraken has reportedly put its multi-billion dollar initial public offering (IPO) on hold due to worsening market conditions, CoinDesk reported. The exchange, which formalized its listing plans about four months ago, is said to be rescheduling due to the recent crypto market downturn, decreased trading volume, and the impact of falling asset prices on its corporate valuation. The company has not withdrawn its IPO plans entirely and has left open the possibility of resuming the process if market conditions improve.