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.
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.
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.
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.
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.
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