- Kraken, a leading crypto exchange, is branching out to offer stock and ETF trading services in the U.S. by 2024.
- This venture represents Kraken’s maiden entry into a sector outside cryptocurrency.
- With regulatory licenses already secured in the UK, the firm is in the process of obtaining a broker-dealer license from the U.S. Financial Industry Regulatory Authority.
Kraken, a major name in the cryptocurrency exchange landscape, is setting the stage to diversify its offerings. As reported by Bloomberg, the company is aiming to roll out U.S.-listed stock and ETF trading services by 2024. This move signifies Kraken’s debut into businesses beyond its foundational cryptocurrency focus.
This strategic expansion isn’t entirely out of the blue. Kraken has been proactive in ensuring compliance with necessary regulations. The firm already boasts the necessary regulatory licenses in the United Kingdom, positioning it favorably for its next phase of growth.
To further cement its plans in the U.S. market, Kraken has initiated the process to acquire a broker-dealer license. This application has been submitted to the U.S. Financial Industry Regulatory Authority (FINRA), which is pivotal in overseeing and regulating broker-dealers within the United States.
The entry of a significant crypto player like Kraken into traditional financial markets hints at the evolving nature of the finance world. As boundaries blur between traditional finance and the burgeoning crypto sector, it’s evident that leading companies are keen on leveraging opportunities across both realms.
For market watchers, Kraken’s upcoming services will not only diversify the exchange’s portfolio but might also introduce fresh perspectives and innovations in the U.S. stock and ETF sectors.
