Cryptocurrency Exchange Kraken Could Introduce Stock Trading Soon

TL;DR

• Kraken is exploring the option of offering stocks and ETFs on its platform.

• The service would be available to traders in the United States and the UK.

Kraken Could Launch Stock Trading Features Soon 

US-based cryptocurrency exchange Kraken is currently exploring the option to offer stocks and exchange-traded funds (ETFs) for trading. 

This is according to a Bloomberg report on Wednesday, citing a person close to the matter. Per the report, Kraken will initially offer the service to traders in the United States and the UK. The crypto exchange will offer stock trading via a new service built by a new division called Kraken Securities. 

Kraken already has the necessary regulatory permits in the UK and has also applied with the United States Financial Industry Regulatory Authority to become a broker-dealer. 

If this happens, Kraken would become the first cryptocurrency exchange to offer trading outside cryptocurrency assets. Bloomberg added that Kraken intends to launch the service in 2024. 

Robinhood and Wealthsimple are some of the traditional trading platforms that currently offer access to some cryptocurrency assets. 

A Kraken spokesperson commented that,

“Kraken is always exploring how it can power the global adoption of cryptocurrencies. While we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite.” 

Kraken has increased its efforts to expand its services outside the United States as the regulatory scrutiny in the US continues to increase.