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Cryptocurrency exchange Kraken will reportedly introduce a new stock trading service in 2024.
That initiative will be led by a newly created division called Kraken Securities, according to insider information disclosed by Bloomberg.
This upcoming service aims to offer Kraken users the convenience of trading both cryptocurrencies and stocks, along with exchange-traded funds (ETFs), all within one integrated wallet. Those who engage in stock trading through Kraken will witness their combined cryptocurrency and stock holdings consolidate into one comprehensive balance sheet.
It is worth noting that the company has successfully secured the necessary regulatory approvals in the UK. In addition, Kraken has applied for a US broker-dealer license with the Financial Industry Regulatory Authority (FINRA).
When asked about these developments, a Kraken spokesperson responded: “While we cannot provide specific details regarding rumors or speculative information, our goal is to expand and improve our offerings to ensure that our customers continue to enjoy secure and seamless access to the full range of Kraken products. "
Notably, before the collapse of its parent company FTX US, it had intentions to launch tokenized stock trading, which would have allowed US retailers to use stablecoins to purchase tokenized stocks.
In 2021, both Binance and FTX facilitated the trading of tokenized shares of well-known companies such as Microsoft, Apple, and Tesla. However, Binance discontinued this service in July 2021 due to increasing international regulatory pressure.