(Reuters) – Kraken, one of the world’s largest cryptocurrency exchanges, announced its latest move to expand its asset class by launching a phased nationwide rollout of more than 11,000 US listed stocks and exchange sales funds on Monday.
Crypto companies such as Kraken are looking to expand their businesses into the traditional financial space behind President Donald Trump’s more industry-friendly regulatory promises.
Kraken users will be able to trade stocks and ETFs in select US states starting Monday.
The San Francisco, California-based company plans to expand its stock trading to major international markets such as the UK, Europe and Australia.
“Expanding to stocks is a natural step for us, paving the way for tokenization of assets. The future of trading is always built on crypto rails,” said Kraken co-Seo Arjun Seti.
Kraken’s latest services help clients manage inventory and cryptocurrency on one platform with cross-investment options.
The launch comes weeks after the company signed a $1.5 billion deal with retail futures trading platform Ninjatradata.
Financial technology companies and crypto companies are looking to become state or national banks to expand their operations and gain credibility with their customers.
“Cryptocurrency is not only evolving, it is becoming the backbone for trading across asset classes, such as stocks, commodities, currencies, and more. As demand for global access increases, clients want a seamless, all-in-one trading experience,” Seti said.
(Reporting by Aras Kannagi Basil and Pritam Biswas of Bengaluru, edited by Shreya Biswas)