PANews reported on June 4 that according to Decrypt, Rails, a crypto exchange startup invested by Kraken, announced the completion of a $14 million financing round, with participation from Kraken, CMCC Global, Slow Ventures, Round13 Capital and Quantstamp, bringing its total financing amount to $20 million.

The company's hybrid trading platform combines the execution speed of centralized exchanges with the asset control of on-chain custody. Rails was founded by the crypto wallet BlockEQ team, which was acquired by Canadian exchange Coinsquare in 2018. The platform will be exclusively deployed on the Ink Layer2 blockchain developed by Kraken.