Kraken Expands into Stock Trading Sector
Kraken, the US-based cryptocurrency exchange platform, is reportedly planning its next strategic move by considering an expansion into the stock trading sector. According to a recent report by Bloomberg, Kraken intends to offer its users trading services for US-listed stocks as well as exchange-traded funds (ETFs). This upcoming venture will be managed by a subsidiary named Kraken Securities, with a planned launch of these services in the US and the UK in 2024.
Kraken’s shift towards a broader investment horizon, extending beyond its cryptocurrency origins, required the acquisition of essential regulatory licenses. In this regard, Kraken has reportedly already obtained a broker-dealer license from the US Financial Industry Regulatory Authority. To expand its services in the UK, the platform has also obtained the necessary authorizations from British financial regulators.
This announcement of Kraken’s planned expansion comes shortly after the firm revealed that it had successfully obtained licenses in Spain and Ireland, further highlighting its commitment to an expanded scope of action. Additionally, earlier this year in February, the platform reached an agreement with the US Securities and Exchange Commission, agreeing to pay a significant sum of $30 million.
