In a bold and unprecedented move, the U.S.-based crypto exchange, Kraken, is actively considering branching out. A recent revelation from Bloomberg unveiled the firm’s aspirations to potentially introduce stocks and exchange-traded funds (ETFs) to its trading platform in the U.S. and the U.K.
The Crypto Space Evolution: Kraken Leads the Way
Distinctively, if this plan comes to fruition, Kraken will proudly stand as the first crypto exchange to venture beyond digital assets. Reliable sources have hinted at the likelihood of this revolutionary service launching by 2024.
With increasingly spotlighting regulatory compliance in the U.S., Kraken has strategically expanded its footprint across other global territories. Notably, the exchange faced a setback with the SEC, culminating in discontinuing its crypto staking service and a consequent $30 million settlement. Yet, undeterred, Kraken’s global ambitions are evident in its recent acquisition of a virtual asset service provider registration in Spain. This move empowers the company to provide the Spanish populace with crypto exchange and custodial wallet services.
It’s essential to acknowledge the landscape of the crypto world. While FTX’s U.S. division had dabbled in stock trading before its bankruptcy, prominent platforms like Robinhood and Wealthsimple currently provide limited crypto trading options.
Kraken Securities: The Backbone of Expansion
Diving deeper into Kraken’s grand plan, the exchange has strategically set up a new wing – Kraken Securities. This division, equipped with the essential U.K. regulatory approvals, awaits its green light in the U.S. As Bloomberg’s insider reports, the innovative service aims to pave the way for a wider range of offerings for Kraken users.
While Kraken maintains discretion on these developments, the company’s commitment is clear. They continually seek avenues to foster global cryptocurrency adoption. Although they remain tight-lipped amidst speculation, their ambition to provide clients with a holistic, secure, and seamless experience is evident.
Kraken’s potential foray into stocks and ETFs could reshape the crypto trading landscape. As they work towards broadening their offerings, the world keenly watches this innovative blend of traditional finance and cryptocurrency.
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. FintechMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.