Key takeaways:
- Kraken Expands Its Services, Launches stock and ETF Trading in U.S. and UK Markets
- Kraken’s Stock and ETF Trading Platforms Set to Debut in 2024
Cryptocurrency exchange Kraken is embarking on a significant expansion initiative by introducing stock and ETF trading services, marking a notable departure from its traditional digital asset focus.
As reported, Kraken’s new trading capabilities will initially be introduced in the United States and the United Kingdom, facilitated through the establishment of the Kraken Securities division.
The company has reportedly secured the requisite regulatory approvals in the UK and is presently in the process of attaining a broker-dealer license from the U.S. Financial Industry Regulatory Authority (FINRA).
In response to inquiries, a spokesperson from Kraken revealed :
“Kraken remains committed to advancing the global adoption of cryptocurrencies. While we cannot provide official comments on rumors or speculations, we are actively exploring opportunities to expand and enhance our offerings, ensuring that our clients continue to enjoy secure and seamless access to Kraken’s comprehensive product suite.“
A spokesperson from the company informed Reuters, “While we are unable to provide comments on rumors or speculations, we are actively exploring avenues to expand and enrich our offerings, ensuring that our clients maintain secure and smooth access to Kraken’s complete product range.“
Reportedly, sources whose identities remain confidential, have disclosed that Kraken has already obtained the essential regulatory approvals in the United Kingdom, affirming its readiness to operate within established financial ecosystems.
In the United States, the company has taken proactive measures to secure a broker-dealer license from the Financial Industry Regulatory Authority (FINRA), demonstrating its strong commitment to compliance with regulatory standards in the American market.
Under this new offering, eligible customers will gain access to a diversified array of financial instruments, seamlessly blending cryptocurrencies, stocks, and ETFs in their portfolios. Kraken’s comprehensive approach to regulatory compliance is evident through its pursuit of necessary permits in the UK and its reported application for a broker-dealer license with FINRA in the United States.
Sources familiar with the matter have revealed that Kraken’s stock and ETF trading platforms are targeting a prospective launch in 2024. This strategic move acknowledges the rising demand for a comprehensive trading solution, catering to a wide spectrum of trading preferences encompassing cryptocurrencies and equities.
