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Kraken’s ambitions appear to be growing beyond its cryptocurrency roots. The U.S.-based crypto exchange has its eyes set on stock and exchange-traded funds (ETFs) trading. If all goes according to what it looks like, it’s poised to serve both U.K. and U.S. markets, setting a precedent for crypto exchanges everywhere.
A representative from Kraken, while not directly addressing the stock trading whispers, mentioned, “Kraken is always exploring how it can power the global adoption of cryptocurrencies. While we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite.”
Interestingly, the foundation of this potential leap into the stock market may be Kraken Securities. This newly carved-out division within the exchange has managed to gather all the necessary regulatory nods in the U.K. However, they’re still waiting for a green light in the U.S.
The idea of a crypto exchange diversifying into stock trading was brought to light by Bloomberg. Their source suggests that this innovative service might be live as early as 2024.
In the backdrop of these developments, Kraken has been making strategic moves on the global chessboard. It recently secured a virtual asset service provider registration in Spain, allowing it to cater to Spanish crypto enthusiasts with exchange and wallet services.