Cryptocurrency Exchange Kraken offers stock and ETF trading as it aims to expand beyond its digital assets and venture outside the Crypto market.
Kraken is beginning to roll out committee-free transactions of more than 11,000 listed stocks and ETFs to clients in certain states, including New Jersey, Connecticut, Rhode Island and seven others. The company plans to ultimately provide all qualified US clients before expanding to Europe and Australia.
This push into traditional markets shows that crypto exchanges are directly challenging Wall Street companies as the boundary between digital assets and traditional investment continues to decline.
New products may help clients manage all their investments in one place. “Cryptocurrency is not only evolving, but is becoming the backbone for trading across asset classes, such as stocks, commodities, currencies, and more. As demand for global access increases 24/7, clients want a seamless, all-in-one trading experience.
Kraken’s expansion follows a broader trend among US crypto exchanges, which are looking to diversify their products and compete with established platforms such as Nasdaq and Robinhood.
The new service allows Kraken users to manage stocks, crypto, cash and stubcoins in one place. The company will offer small trades on more than half of its newly listed assets, allowing traders to buy some of their expensive stocks.
As Sethi explained in the company’s blog, “Expansion 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.”
According to a Kraken blog post, the stock trading service is powered by Kraken Securities, a FINRA regulatory unit dedicated to providing stock trading services.
Timing coincides with changing regulatory dynamics for crypto companies. Kraken recently issued a resolution with securities regulators, saying in March the Securities and Exchange Commission agreed in principle to withdraw the lawsuit without penalties or changes to its business model.
The expansion of stock trading follows Kraken’s business diversification efforts, including the purchase of futures trading platform Ninjatrader for $1.5 billion last month, according to the company’s release.
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