Kraken is planning a foray outside the cryptocurrency sector. As per people familiar with the matter, the crypto exchange founded in 2011 is aiming to offer trading in US-listed stocks from the next year – 2024.
The move makes Kraken the first crypto exchange to plan offering trading in non-crypto assets.
Initially, the trading services will be available in the US and UK markets through Kraken Securities, a new division created for the purpose. Kraken holds a regulatory permit in the UK while it has applied for regulatory approval for the US market, a news report by Bloomberg said.
“Kraken is always exploring how it can power the global adoption of cryptocurrencies. 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,” CoinDesk quoted a Kraken spokesperson.
Amid tightening regulatory environment in the US, Kraken has been eyeing to expand outside the US. As part of this plan, it recently secured a virtual asset service provider license in Spain.
Earlier this year, Kraken was forced to shut down its staking services and agree to a $39-million settlement deal with the SEC.
