Will Kraken IPO Coinbase?

Could you elaborate on the possibility of Kraken initiating an Initial Public Offering (IPO) for Coinbase? Given the current market dynamics and the significant growth of cryptocurrency exchanges, many are speculating about potential IPOs in the crypto space. Coinbase, being one of the largest and most well-known exchanges, has been a frequent target of such speculation. However, Kraken, another notable exchange, has not publicly expressed any intention to IPO Coinbase. Could you analyze the potential motivation, strategic benefits, and potential risks for Kraken if it were to pursue such a move? Additionally, what would be the likely implications for the cryptocurrency market and investors if such an IPO were to occur?