Exploring New Territory: Kraken’s Ambitious Venture into Stocks and ETFs
In a recent news report by Bloomberg, it was revealed that the leading American cryptocurrency exchange, Kraken, is currently exploring the stock market. According to the financial news company, this information came from a source familiar with the situation.
This endeavor marks a significant shift in the crypto world. If plans come to fruition, Kraken would become the first American crypto exchange to offer stocks and listed funds, potentially including a bitcoin ETF in the future.
Kraken’s Expansion: Trading Services and Kraken Securities
According to the Bloomberg report, the American cryptocurrency exchange plans to expand its trading services in 2024. This expansion will take place through a new division of the trading platform called Kraken Securities.
Kraken’s expansion efforts will mainly focus on the United States and the United Kingdom. To accomplish this ambitious move, Kraken Securities is said to have already obtained the necessary licenses in the United Kingdom, while awaiting approvals in the United States.
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In addition to venturing into stocks and ETFs, Kraken remains committed to contributing to the global adoption of cryptocurrencies. The exchange intends to further expand its crypto offering.
“Kraken is always exploring ways to drive global adoption of cryptocurrencies. While we cannot comment on rumors or speculation, we are seeking ways to expand and enhance our offerings so that customers can continue to have secure and seamless access to Kraken’s full product suite.”
Importance of Licenses for Kraken
This announcement comes at a time when Kraken is intensifying its efforts to operate on a global scale, particularly in response to growing regulatory pressures in the United States. Earlier this year, the exchange had to halt its staking services for US customers and pay a $30 million fine to the Securities and Exchange Commission (SEC).
Simultaneously, Kraken is making significant strides towards the European market. It achieved a major milestone by obtaining licenses from the central banks of Ireland and Spain. These licenses enable the trading platform to offer its crypto services to the populations of Ireland and Spain.