Kraken Stock Trading Will Be Launched In 2024
- Kraken plans to expand into traditional finance by offering stock and ETF trading services in 2024.
- Kraken stock trading will initially launch in the US and UK, with regulatory approvals in place.
- The exchange aims to unify crypto and traditional portfolios for customers.
According to Bloomberg, Kraken, the renowned cryptocurrency exchange platform with a 12-year history, is set to diversify its offerings by introducing trading services for US-listed stocks and exchange-traded funds (ETFs) in 2024. This strategic move represents Kraken’s first foray beyond its cryptocurrency core business.
Kraken Stock Trading Will Be A Bold Step For The Exchange
The new trading services will be facilitated through Kraken’s newly established department, Kraken Securities. Initially, these services will be rolled out in the United States and the United Kingdom. Kraken has already secured the necessary regulatory licenses in the UK and has applied for broker-dealer licenses with financial industry regulators in the United States to ensure compliance.
Kraken stock trading and ETF trading will be provided through its new division, Kraken Securities. The company is targeting a 2024 launch for these services. Eligible customers will have the opportunity to integrate their crypto holdings seamlessly with their Kraken stock trading and ETF portfolios, presenting a unified balance.
A New Chapter Beyond Cryptocurrencies
This expansion comes at a time when Kraken is also bolstering its prime brokerage services and preparing to launch a qualified custodian service for institutional clients in the coming weeks. The custody service will operate independently from the exchange, with Kraken having applied for approval from the state of Wyoming.
Kraken’s move to enter the traditional stock and ETF trading arena follows the cautionary tale of FTX.US, which ventured into stock trading but faced significant challenges leading to its downfall. Kraken, however, seems well-positioned to navigate this new terrain and offer a more diversified range of financial services to its customers.
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