The U.S.-based cryptocurrency exchange Kraken is reportedly considering an expansion of its services to include stock and exchange-traded funds (ETFs) trading in both the U.S. and U.K.
A Bold Move into Traditional Trading
According to a source cited by Bloomberg, Kraken’s new venture could launch as early as 2024, marking the exchange as one of the first in the crypto space to venture into areas beyond cryptocurrency assets. While other platforms like Robinhood and Wealthsimple currently offer a mix of traditional and crypto trading, Kraken’s move is notable within pure-play crypto exchanges.
Kraken Securities Takes the Lead
The initiative to offer stocks and ETFs is reportedly spearheaded by a newly established division, Kraken Securities. This division has already secured the necessary regulatory approvals in the U.K. and is awaiting the green light in the U.S. Kraken has been tight-lipped about these developments. When reached for a comment, a spokesperson from the exchange neither confirmed nor denied the reports, stating that the company is always exploring ways to globalize and enhance their cryptocurrency offerings.
This exploration comes as Kraken amplifies its operational footprint beyond the U.S., a strategic move likely influenced by the increased regulatory oversight within the country. The crypto exchange recently closed its staking service and settled Securities and Exchange Commission (SEC) charges with a $30 million fine.
