Kraken is reportedly in talks to raise new capital in a move that could see the company’s valuation soar to new heights.

The U.S.-based cryptocurrency exchange is currently in discussions with Fidelity, Tribe Capital and General Atlantic to raise an unknown sum, according to a report by Bloomberg on Thursday.

If approved and agreed upon, the new funding could more than double the company’s previous valuation of $4 billion made back in 2019 to more than $10 billion, according to figures cited in the report. The exchange’s valuation could even top $20 billion depending on demand, the report said.

The report cites people close to the matter who have requested anonymity due to concerns about the deal’s secrecy.

See also: Coinbase’s Financials Are Now Public Ahead of Stock Market Listing

In 2019, Kraken raised $13.5 million in a financing round that saw over 2,000 participants buying in. The move pushed the exchange’s valuation above the $4 billion mark.

CoinDesk attempted to contact Kraken but has yet to receive a response. UPDATE (Feb. 27, 21:50 UTC): Updating to reflect new figures in the Bloomberg article.

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