Kraken-backed SPAC sees crypto future brighter than SaaS

A Kraken-backed SPAC, KRAKacquisition Corp., believes the future of cryptocurrency is more secure than traditional software-as-a-service (SaaS) companies, which face an existential threat from artificial intelligence. CEO Ravi Tanuku stated that while AI is the dominant market narrative, crypto remains a strong secular story and a survivor of AI-driven disruption. The SPAC is actively seeking crypto-native firms valued between $2 billion and $10 billion for potential deals, viewing areas like stablecoins and payments as the next significant opportunities after AI. Tanuku also expressed curiosity about tokenization financing for AI infrastructure development.