- Kraken Launch will host MiCA-compliant token sales in partnership with Legion, starting with a major raise within a week.
- Legion calls itself the first ICO underwriter, bringing IPO-style rigor to token launches.
- Kraken is expanding aggressively ahead of a potential 2026 public listing, adding new products and partnerships.
Crypto exchange Kraken is stepping deeper into token launches with a new partnership that could shake up how projects hit the market. On Thursday, Kraken announced it’s teaming up with ICO platform Legion to run MiCA-compliant token sales on its brand-new Kraken Launch platform. The move will see high-profile token offerings debut through Legion, then list directly on Kraken once sales wrap up.
Legion isn’t just another launchpad. Backed by investors including Kraken itself, the platform brands itself as crypto’s first ICO underwriter, borrowing playbooks from traditional IPOs. That means more than just listing tokens—it’s about pricing, compliance, distribution, and even liquidity management. Legion co-founder Matt O’Connor said the aim is to curate quality over quantity, focusing on “sufficiently high target raises” rather than chasing every new project. The very first joint sale is expected within a week.
How Kraken Launch Will Work
Kraken users will get access to sales on a first-come, first-served basis, while Legion loyalists with higher “scores” from its merit-based system will have up to 20% of each sale reserved. That scoring model is designed to reward community members and project-aligned investors instead of pure speculators.
While Kraken Launch will lean on Legion’s compliance and screening, Kraken also confirmed it will run its own due diligence before any token goes live on the exchange. Once listed, each project generates more trading fees—an additional incentive for Kraken.
Revenue will be split between the two firms through transaction and trading fees, creating a shared incentive structure. O’Connor hinted that future expansions could include using Legion’s underwriter model to stabilize prices—something rarely seen in crypto token sales.
Why This Partnership Stands Out
Unlike launchpads such as Echo or BuidlPad, Legion positions itself more like an IPO underwriter than a token lottery. “We are building the world’s first ICO underwriter,” O’Connor said, stressing that the next Figma or Reddit won’t IPO—it’ll launch onchain to its community.
For Kraken, the timing is also strategic. With a possible public listing in early 2026, the exchange has been broadening its product line—adding tokenized stocks in the EU, retail-focused perps trading, and even acquiring proprietary trading firm Breakout. By bringing Legion into the fold, Kraken could carve out a reputation as the go-to exchange for institutional-grade token launches.
