Kraken, a leading cryptocurrency exchange, reported a 19% year-over-year revenue increase in the first quarter of 2025, reaching $472 million. The growth was driven by increased trading volume, the strategic acquisition of NinjaTrader, and the launch of Kraken Embed, a service enabling banks and fintech firms to offer crypto trading, with its first partner being the European bank Bunq. Kraken also introduced commission-free trading for over 11,000 stocks and ETFs, added foreign exchange perpetual contracts with up to 50x leverage, and announced upcoming ultra-low-latency colocation services. In a notable cybersecurity incident, Kraken uncovered and thwarted a North Korean hacker attempting to infiltrate the company by posing as a job applicant. The hacker's deception was revealed during a staged final interview when the candidate switched names and voices mid-interview. This case highlights broader concerns about North Korean operatives infiltrating Western tech companies through fake remote worker profiles, often using AI and VPN technology. Additionally, Tether plans to launch a U.S. stablecoin later this year, with Kraken holding $200 million in USDT from Tether. Kraken's U.S. spot market share also increased from 5% to 14% over six months.