PANews reported on October 22nd, according to Bloomberg, that crypto exchange Kraken said its third-quarter revenue more than doubled as the company prepares for a US IPO next year. According to the statement, Kraken's revenue reached $648 million, a 114% increase over the same period last year. The company, formally known as Payward Inc., defines revenue as gross revenue under Generally Accepted Accounting Principles (GAAP) less transaction costs. Adjusted earnings, excluding items such as taxes, were $178.6 million, a significant improvement from the slightly negative figure last year.

Kraken’s total exchange trading volume grew 106% in the third quarter to $561.9 billion, while the total number of funded accounts on the platform increased 46% to 5.2 million. Assets on the platform grew 89% to $59.3 billion, the company said.