Kraken is preparing to go public in the near future via an IPO.
The surge in trading volume signals the re-emergence of FOMO crypto trading amid bullish sentiment.
Bitcoin has already broken out of a major resistance and a euphoric rally is around the corner.
Kraken, a veteran cryptocurrency exchange, announced the financial update for the first quarter of 2025. The cryptocurrency exchange reported a gross revenue of $471.7 million, up 19 percent YoY but down 7 percent QoQ.
According to the announcement, Kraken recorded an adjusted EBITDA of $187.4 million, up 17 percent and 1 percent YoY and QoQ respectively. The company reported a total trading volume of about $208.7 billion, up 29 percent YoY but down 10 percent QoQ.
What Next For Kraken
Kraken exchange intends to follow Coinbase Global Inc. (NASDAQ: COIN) by going public via an IPO, potentially in the first half of 2026. The cryptocurrency exchange completed the acquisition of NinjaTrader, to enhance the combination of traditional finance and the cryptocurrency market,
“We always want to be ready to be able to grow with our customers. If it’s better on behalf of our customers to have access to capital markets, we’ll do it. We’ll be able to have the ability to go public when we want to, not subject to market conditions,” Arjun Sethi, the company’s co-chief executive officer, said in an interview.
Key Derivation for Crypto
The notable growth in Kraken’s gross revenue and adjusted EBITDA confirms the rising demand for digital assets reported in the past year. The improving global liquidity amid the rising adoption of digital assets by institutional investors and nation-states signals a parabolic rally is on the horizon.
Moreover, the United States, under President Donald Trump, is about to implement its Strategic Bitcoin Reserve. Additionally, more nations have implemented clear crypto regulations in the past few years compared to the 2021 bull cycle.
Pumpfun has deposited 105,233 SOL tokens to Kraken, valued at approximately $15.86 million, in a fresh on-chain move. This move comes amid a Solana price recovery above the $150 resistance and increasing odds of a SOL ETF approval at a 90% probability, according to Bloomberg analyst Eric Balchunas.
Pumpfun Deposits 105,233 SOL to Kraken
According to Lookonchain, Pumpfun has moved 105,233 SOL tokens to Kraken in its latest transaction. This follows a series of consistent deposits made by the project over time. In total, Pumpfun has now deposited 3,202,498 SOL—worth around $591 million—on the Kraken exchange at an average price of $185.
In addition to these deposits, Pumpfun also sold 264,373 SOL for approximately $41.64 million in USDC at a price of $158 per token. At the same time, Lookonchain reported that three new wallets withdrew 145,000 SOL tokens—valued at around $21.8 million—from Kraken.
These wallets were recently created and performed these transactions within the past hour, suggesting potentially coordinated actions or accumulation.
SOL Price Technical Trend Supports Bullish Continuation
Solana’s daily chart shows a bullish price structure supported by the breakout from a falling wedge pattern. This pattern developed from early January to late March 2025 and typically signals a trend reversal. The price broke above the wedge’s resistance in early April, followed by a sustained rally from under $100 to more than $150.
The current price action is forming a bull flag structure, which often appears before another upward move. Analysts observe higher lows and higher highs on the chart, a clear uptrend pattern. Volume has remained steady, with spot volume between $4 billion and $6 billion daily, according to data from DeFiLlama.
SOL/USD Price Chart (Source: TradingView)
On the 1-day price chart, the Relative Strength Index (RSI) and Money Flow Index (MFI) both point upward. The RSI stands at 61.59, suggesting further room for growth before reaching overbought conditions while the MFI is at 58.06, which indicates more capital is entering than leaving.
Resistance Levels Ahead for Solana Price
Crypto analyst Gerlaenco noted that Solana has bounced over 50% since its recent low. He mentioned, “$SOL $200 end of May,” referring to a possible price target if current momentum continues. According to his analysis, the next resistance zone lies between $170 and $185.
This area served as a previous rejection zone during the correction phase earlier in 2025 from Solana’s all-time high of $294.44. If price action breaks through this range and turns it into support, then a path toward $200–$220 could open.
Solana’s recent price momentum has been mostly boosted by the SOL ETF optimism. Bloomberg’s Eric Balchunas recently raised the likelihood of a spot SOL ETF approval to 90%, placing Solana among the top contenders. This news has fueled fresh investor interest, both in the spot and derivatives markets.
Concurrently, data from DeFiLlama shows that perpetual futures volume for Solana has stayed elevated across March and April. Even during periods of price correction, this volume remained consistent, indicating continued interest and active participation from traders.
MEXC, in a big move to bolster the security of its platform, has joined forces with Hacken, a prominent blockchain security firm which has worked with major exchanges, DeFi projects, and blockchain firms, including Binance, CoinGecko, Avalanche, and now MEXC.
This comes after Crypto Exchange security has emerged as a critical point of safety for users’ digital assets following the $1.5 billion Bybit Heist that has shocked the industry.
As part of the collaboration, MEXC’S partnership with Hacken will work towards providing a safer trading environment for its users amid rising cybersecurity threats in the crypto industry.
After MEXC announced the partnership, its native token, MX, witnessed slight increase of 0.01% and is currently trading at $3.12. Though the immediate impact on MX token price is modest, strengthened security measures may lead to increased user confidence over time, potentially enhancing the token’s value and utility within the MEXC ecosystem.
How can this new partnership with Hacken strengthen Security
Hacken is a renowned name in the blockchain security sector, offering a suite of cybersecurity solutions tailored for Web3 businesses. With a strong track record in auditing smart contracts and identifying vulnerabilities in blockchain protocols, Hacken has established itself as a trusted security partner for numerous crypto projects.
Hacken conducts penetration testing (ethical hacking) for crypto exchanges, DeFi platforms, and Web3 applications. This process involves simulating cyberattacks to identify and fix potential security weaknesses.
It also provides in-depth risk assessments of blockchain networks and protocols. It evaluates consensus mechanisms, governance models, and transaction processing to ensure their resilience against threats.
WEB3 Firms availing Hacken’s Security Services
Implications for MEXC’s Security
The partnership with Hacken is designed to reinforce MEXC’s security infrastructure through cutting-edge blockchain security solutions, including smart contract audits, penetration testing, and continuous risk assessment.
Hacken will conduct a comprehensive security assessment to ensure that MEXC’s trading platform’s infrastructure remains protected from vulnerabilities and cyber threats.
The assessment will focus on various critical areas, by helping MEXC in identifying and addressing vulnerabilities across web applications, mobile apps, and APIs. Hacken will also assess encryption measures to prevent data leakage on MEXC’s trading platform, while safeguarding session management to prevent hijacking and fixation attacks. It will further work in verifying that user inputs are sanitized to prevent injection attacks.
Notably, in July 2021, KuCoin engaged Hacken for an in-depth security assessment to bolster its cybersecurity framework. Further, it has also worked with top-tier exchanges such as Binance, OKX, among others.
By leveraging Hacken’s expertise, MEXC aims to proactively identify and mitigate potential vulnerabilities, ensuring that its platform remains resilient against cyber threats.
Exciting news! #MEXC is partnering with @hackenclub to boost platform security!
With #Hacken’s expertise, we’re enhancing asset protection, ensuring a safer trading experience for all.
MEXC implements multi-layered protection measures such as cold storage for assets, two-factor authentication (2FA), and real-time monitoring for suspicious activities. The integration of Hacken’s security services will further solidify these defenses, reducing the likelihood of breaches and unauthorized access.
By undergoing rigorous security audits and assessments, the exchange is aiming to provide traders and investors with confidence in the integrity of its platform.
The cryptocurrency industry has been facing an increasing number of cyberattacks, with hackers targeting exchanges, DeFi protocols, and wallets. High-profile breaches have resulted in the loss of millions of dollars, highlighting the urgent need for robust security measures.
As cyber threats become more sophisticated, partnerships like this one will be essential in fortifying the crypto industry against potential attacks.
Thus, the partnership between MEXC and Hacken comes as a testament to the growing emphasis on security in the cryptocurrency space. As the industry continues to evolve, security will remain a top priority for exchanges looking to maintain user trust and safeguard digital assets. With this collaboration, MEXC is setting a benchmark for security standards, ensuring that its users can trade with confidence in a secure environment.
The PayPal USD (PYUSD) stablecoin is fast approaching the $1 billion market cap milestone.
The strategic partnership will enable Coinbase users to access PYUSD without platform fees.
PayPal Holdings Inc. (NASDAQ: PYPL) and Coinbase Global Inc. (NASDAQ: COIN) announced a strategic partnership on Thursday, April 24. The two companies will work closely to enhance the global mainstream adoption of the PayPal USD (PYUSD) stablecoin.
PayPal and Coinbase have been working together to enable investors to seamlessly purchase and trade crypto assets.
“We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center and driving further utility and adoption for digital currencies among developers, customers, and other users,” Alex Chriss, President and CEO at PayPal, noted.
Direct Benefits of the Collaboration Between Coinbase and PayPal on PYUSD
The PYUSD Stablecoin, on the Solana and Ethereum networks, has grown to a market cap of about $860 million and a 24-hour average trading volume of about $20 million. PayPal has leveraged its vast customer base, amounting to more than 430 million consumer and merchant accounts, to strengthen the market outlook for the PYUSD stablecoin.
Through the strategic partnership, Coinbase users can now buy, sell, and trade PYUSD with no platform fees. Additionally, Coinbase users can now seamlessly redeem PYUSD 1:1 for U.S. dollars directly on the crypto exchange.
Most importantly, the two companies agreed to work together to explore new use cases for PYUSD in the Decentralized Financial (DeFi) ecosystem.
“We’re excited to be partnering with PayPal. Their more than 430 million consumer and merchant accounts offer an unprecedented opportunity to increase stablecoin adoption globally,” Brian Armstrong, CEO at Coinbase, noted.
Consequently, the PYUSD is well positioned to compete with other stablecoins, led by Ripple’s RLUSD, among others.
The post Coinbase Inks Strategic Partnership With PayPal to Enable Mainstream Adoption of PYUSD Stablecoin appeared first on Coinpedia Fintech News
The PayPal USD (PYUSD) stablecoin is fast approaching the $1 billion market cap milestone. The strategic partnership will enable Coinbase users to access PYUSD without platform fees. PayPal Holdings Inc. (NASDAQ: PYPL) and Coinbase Global Inc. (NASDAQ: COIN) announced a strategic partnership on Thursday, April 24. The two companies will work closely to enhance the …
Exciting news! 
