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Crypto exchange Kraken reportedly plans to add trading services for US-listed stocks and exchange-traded funds (ETFs) in 2024.
JUST IN: Crypto exchange Kraken announces plans to move into stock trading as crypto demand fades.
— WhaleWire (@WhaleWire) September 27, 2023
According to a recent Bloomberg report, a new division named Kraken Securities will be responsible for building the equity trading services. Citing an unnamed source, the report claimed that Kraken will initially launch its new investment services to clients based in the UK and the US. Once Kraken finishes integrating support for US-listed stocks and ETFs, users will be able to view all their holdings, including crypto assets, as a single balance.
The source cited that Kraken has applied for a broker-dealer license with the authority in the US. Moreover, the firm already holds the regulatory permits necessary with the UK authorities.
It is worth noting that Kraken is not the first crypto firm to venture into stock trading. In 2022, FTX announced its plans to deploy FTX Stocks, an equity trading platform that also offered exchange facilities for USD Coin (USDC) and other stablecoins. Unfortunately, the platform never saw the light of day as the FTX Group filed for bankruptcy in November 2022.