Kraken 360, the institutional services arm of the Kraken cryptocurrency exchange, has set out a five-stage framework for blockchain projects preparing to list a token publicly, covering the period between a private mint and a formal token generation event (TGE), the point at which a new cryptocurrency is created and made available to the market.
The company said the window between those two stages is critical, and that custody, exchange readiness, market making, legal opinions, audits and lockup arrangements, which restrict early investors from selling immediately, all need to run simultaneously rather than in sequence.
On minting, Kraken 360 distinguishes between a private genesis event and a public TGE, noting many projects require an independent valuation and a cool-off period of at least 90 days before going public.
For exchange listings, teams must supply an audited smart contract, a legal opinion on the token's status, wallet integration documentation, a market maker agreement, an institutional distribution plan and coordinated press materials.
On liquidity, the playbook calls for at least one primary market maker with written obligations on spreads and depth, legal review of any loan or retainer structure, and confirmed coordination between the market maker, exchange and custodian.
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Custody services under the framework are provided by Payward Financial, Inc. or Payward Europe Solutions, Ltd, depending on jurisdiction.
Kraken 360 said a third instalment of the series will address TGE execution and liquidity growth.
The recap
- Kraken 360 outlines five execution pillars for pre-TGE.
- Private mints require a 90+ day cool-off period.
- Part 3 will cover TGE and TVL growth support.