Kraken plans to launch a stocks and exchange-traded funds (ETF) trading platform through a new division called Kraken Securities in 2024.
Clients who meet the requirements will gain automatic access to a portfolio balance that includes stocks, crypto assets, and ETFs.
While the exchange is eyeing the U.S. and U.K. markets, it will need authorities’ permission to trade shares and funds.
Reportedly, Kraken has already received a license in the U.K. The exchange has also applied for registration with the U.S. Financial Industry Regulatory Authority.
Kraken is expanding outside the U.S., where regulations are less strict. They were recently approved to offer crypto exchange and wallet services in Spain. This move also puts them in direct competition with existing platforms providing traditional and digital assets.
In February, Kraken was forced to shut down its staking and paid a $30 million fine to settle SEC charges.
