Kraken's third-quarter revenue reached $648 million, a 114% year-over-year increase.

Crypto exchange Kraken said its revenue more than doubled in the third quarter as the company prepares for a U.S. IPO next year. According to the statement, Kraken's revenue reached $648 million, up 114% from 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 a year earlier. Kraken's total exchange trading volume grew 106% to $561.9 billion in the third quarter, 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. (Bloomberg)