Cryptocurrency exchange Kraken is planning to significantly expand its offerings by launching a stock and ETF trading service, marking the company’s first foray beyond digital assets.
According to the report, Kraken will initially roll out the new trading functionality in the US and UK through its newly formed Kraken Securities division.
Kraken has already secured approval in the U
The exchange has already secured the necessary regulatory approval in the UK and has applied for a US broker-dealer license.
The Kraken stock and ETF trading platforms have a prospective launch timeline of 2024, according to the details from the sources. The move recognizes the growing demand for a “one-stop shop” for diverse trading needs across cryptocurrencies and equities.
Kraken is leveraging its technical infrastructure and compliance track record to edge into the stock brokering space. However, Kraken faces stiff competition from incumbent retail brokerage giants like Robinhood.
The news comes at a time when the exchange has secured fresh regulatory approvals to grow its presence across Europe. Kraken received an E-Money Institution (EMI) license from the Central Bank of Ireland.
Additionally, the exchange is registered as a Virtual Asset Service Provider (VASP) in Spain. This allows the exchange to offer cryptocurrency trading and custodial services to Spanish citizens, supplementing recent VASP registrations in Ireland and Italy.