US-Based Crypto Exchange Kraken Expands into Traditional Stock Offerings
According to a report by Bloomberg Law, US-based crypto exchange Kraken is set to offer its customers US-traded stocks and exchange-traded funds (ETFs). This move marks the first time that Kraken has entered the world of traditional stock offerings. The exchange plans to launch this new service in 2024 through Kraken Securities, a new branch of the company. Currently, Kraken has obtained regulatory approval to operate in the United Kingdom and is working on securing permission from the US authorities.
Earlier this month, Kraken also received authorization to operate in Spain and Ireland, expanding its presence in Europe. In Spain, it obtained a Virtual Asset Service Provider (VASP) registration, allowing it to function as a crypto exchange and wallet provider. In Ireland, Kraken secured an E-Money Institution (EMI) license, enabling it to work with European banks.
Hot Take: Kraken Diversifies Its Offerings with Traditional Stocks
Kraken’s decision to enter the realm of traditional stock offerings demonstrates its commitment to broadening its product suite and providing clients with seamless access. By expanding beyond crypto assets and incorporating US-traded stocks and ETFs, Kraken aims to cater to a wider range of investor preferences. This strategic move aligns with the increasing convergence between traditional finance and cryptocurrency markets. As regulatory frameworks evolve and digital assets gain mainstream acceptance, crypto exchanges like Kraken are seizing opportunities for growth by offering a more comprehensive suite of financial products.
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