Kraken Mulls Offering Traditional Stocks and ETFs
Kraken, a prominent US-based cryptocurrency exchange, is reportedly considering expanding its product offerings to include traditional stocks and exchange-traded funds (ETFs).
The move marks Kraken's first push beyond the realm of crypto assets, Bloomberg Law reported, citing people familiar with the matter.
As part of the plan, the exchange intends to launch a new branch called Kraken Securities, through which it would sell US-traded stocks and ETFs.
The service is expected to be rolled out sometime in 2024, pending regulatory approvals.
While the company has not officially confirmed the news, a spokesperson for Kraken told Reuters that they are committed to expanding and enhancing their offerings.
"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."
This potential expansion comes on the heels of Kraken receiving authorization to operate in several European countries, including Spain and Ireland.
As reported, the exchange has obtained an e-money institution (EMI) license from the Central Bank of Ireland, while also successfully registering as a virtual asset service provider (VASP) in Spain.
The move came after it had already obtained VASP licenses in Italy and Ireland.
"We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence," Curtis Ting, Kraken’s Vice President for Global Operations, said.
"In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors. We also look forward to continuing our investments in Europe more broadly."
Furthermore, Kraken has obtained the necessary regulatory permit
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