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Crypto Exchange Kraken to Explore Stock Trading: Bloomberg
The service could launch as soon as 2024, Bloomberg reported, citing a person familiar with the matter.
Updated Sep 27, 2023, 7:03 p.m. Published Sep 27, 2023, 7:03 p.m.
U.S. crypto exchange Kraken is exploring the option to offer stocks and exchange-traded funds (ETFs) for trading in the U.S. and the U.K., Bloomberg reported on Wednesday, citing a person familiar with the matter.
This would make Kraken the first crypto exchange to explore trading options outside crypto assets. Bloomberg reported that it plans to launch the service as soon as 2024.
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Previously, bankrupt crypto exchange FTX’s U.S. arm offered stock trading for its users. Robinhood (HOOD) and Wealthsimple are among the traditional trading platforms currently offering trading of some crypto tokens.
The exchange plans on using a service built by a new division, Kraken Securities, which already acquired the necessary regulatory permits in the U.K. and has yet to be approved in the U.S., the person told Bloomberg.
Kraken declined to comment on the potential for a stock trading platform to CoinDesk. “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 for the exchange told CoinDesk.
The crypto exchange recently doubled down on its efforts in countries outside of the U.S. amid increased regulatory scrutiny in the country. As part of that, the company recently had to shut down its crypto staking service and pay a $30 million fine to settle Securities and Exchange Commission (SEC) charges.
Most recently, the exchange obtained a virtual asset service provider registration in Spain to offer crypto exchange and custodial wallet services to Spanish residents.
Jenn Sanasie contributed to the story.
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