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Kraken Crypto - Google Search

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joshuarowlandfidelis
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HOME NEWS FINANCE

Kraken sets sights on stock trading:


Bloomberg
The report comes almost a year after the
collapse of FTX, which also plotted to offer
such a service
BY KATHERINE ROSS / SEPTEMBER 27, 2023 01:53 PM

Camilo Concha/Shutterstock modified by Blockworks

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Crypto exchange Kraken is expanding its


business into stock trading, according to
Bloomberg.

The Wednesday report says that the


exchange is targeting next year for the
launch, citing a person familiar with the
plans.

“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,” a spokesperson
from Kraken told Blockworks via email.

The report further said that the expansion


into US-listed stocks and ETFs would be
offered in both the US and the UK.

The crypto exchange will let eligible


customers activate the service which will
then lead them to see a mixture of crypto,
stocks and ETFs. Kraken sought the
necessary regulatory permits in the UK, and
has reportedly applied for a broker-dealer
license with the Financial Industry
Regulatory Authority in the US.

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“We don’t comment on FINRA membership


applications,” a FINRA spokesperson said.

The move comes a year after the infamous


collapse of FTX, which had also moved to
offer stock trading. However, the exchange
collapsed before the stock trading plans
materialized.

A move into stock trading would also pit


Kraken up against Robinhood and
Public.com, which both offer stock and
crypto trading services.

Robinhood, a publicly traded company under


the ticker HOOD, announced that its crypto
transaction revenue dropped 18% last
quarter. The total transaction revenue for
crypto fell to $38 million.

However, executives for the trading app


company expressed “potential to grow
[Robinhood’s] market share” during a recent
earnings call.

Kraken’s reported move into US stocks


comes as it also focuses on a European
expansion.

The exchange secured an EU e-money


institution license from the Central Bank of
Ireland and a virtual assets services provider
license from the Bank of Spain earlier this
week.

“In both Ireland and Spain, we are excited to


become part of their vibrant local fintech
sectors. We also look forward to continuing
our investments in Europe more broadly,”
Kraken’s Curtis Ting said at the time.

Updated Sept. 27, 2023 at 3:46 pm ET:


Added a comment from FINRA.

Updated Sept. 27, 2023 at 1:55 pm ET: Added


a statement from Kraken.

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TAGS KRAKEN TRADING

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