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According to Reports, Kraken Plans to Move Beyond Cryptocurrency and Join the Stock Market Trading by 2024.

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Bloomberg reports that the 2011-founded cryptocurrency exchange Kraken intends to allow trading in exchange-traded funds and equities with US-listed companies. A newly created division called Kraken Securities will be responsible for distributing the new services in the US and the UK.

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As reported by Bloomberg, Kraken has already received the required regulatory permissions in the UK and is currently submitting an application to the Financial Industry Regulatory Authority (FINRA) for a broker-dealer license in the US. The debut of these new services is scheduled for 2024 by the corporation.

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As Bloomberg reports, Kraken’s entry into the stock market will pit it against other zero-commission websites like Robinhood and Public.com. This action is made at a time when the retail trading boom that was first fueled by the Covid-19 outbreak is beginning to recede.

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The qualified Kraken customers will be prompted to activate the service once the stock trading functionality is made available, according to the Bloomberg story. Their portfolio will show a combined balance of equities, ETFs, and cryptocurrencies once it has been activated.

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According to Bloomberg, Kraken is preparing to introduce a certified custodian service for institutional clients and is also trying to extend its prime brokerage services. The Wyoming  is currently considering approving this distinct custody service.

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Bloomberg reports that Kraken has been increasing market share, primarily at the expense of Binance, despite a general fall in trading volumes. According to data from CCData, Kraken’s share in the worldwide spot trading market currently stands at 3.5%, which is the highest level since 2018.

According to Bloomberg, a Kraken spokeswoman declined to comment on these events. A representative for FINRA and the UK’s Financial Conduct Authority did not immediately reply to requests for comment.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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