Kraken, the second-largest U.S.-based crypto exchange after Coinbase, has set its sights on going public in 2022, according to CEO Jesse Powell.

What Happened:  Powell, who founded Kraken in 2011, told CNBC that it had plans to go public sometime next year. “It would probably be a direct listing, similar to Coinbase,” he said.

For now, the exchange is in the midst of talks with investors for a new round of funding.

According to Bloomberg, Kraken has held discussions with several high-profile investment firms including Fidelity, Tribe Capital, and General Atlantic.

“We have been in some talks to do another round,” said Powell, adding, “We’ve kind of been delaying a bit to see where the Coinbase valuation comes in at. I suspect that the price is gonna pump much higher than it has been trading at.”

See also: How to Buy Coinbase IPO (COIN) Stock

Why It Matters: Based on reports from Coinbase’s pre-market auction, the crypto exchange could be valued anywhere between $68 billion and $100 billion. Analysts believe that Nasdaq will use this as a reference price, when it lists Coinbase on April 14.

According to people with close knowledge of the matter, Kraken is currently valued at over $10 billion and believes that it could even surpass $20 billion depending on demand.

“We’re not in a rush to raise capital,” said Powell, explaining that the firm has a strong balance sheet. “The reason to do it would just be to bring on some more strategic investors who can help us with geographic expansion and growth.”

The exchange’s first quarter results were impressive, with spot trading volumes crossing $160 billion and new user sign-ups four times higher than the same time last year.