U.S.-based centralized exchange (CEX) Kraken announced its acquisition of token management platform Magna yesterday.
The deal closed on Friday and marks the CEX’s latest strategic move as it prepares for an initial public offering (IPO).
The move was reported by Fortune, which said Kraken declined to disclose the deal terms, but Kraken’s co-CEO Arjun Sethi told the news outlet that the acquisition will allow Kraken to support token issuer teams “early on in their life cycle,” indicating that it may provide Kraken a strategic leg up in terms of token listings.
To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
