Kraken, one of the largest crypto exchanges in the United States, is offering financial services companies a white-signed version of the trading platform, the company announced Wednesday.
A new service called Embed is trying to make it easier for traditional banks, fintechs and other financial services companies to allow customers to trade crypto from within their websites. Next, Kraken will have access to more users. “We want to enable essentially all fintech, neobanks, and all kinds of financial institutions so that we can access clients and buy and sell crypto,” Kraken’s payments director Brett McLain told Fortune.
Bunq, an Amsterdam-based digital bank, is the first company to adopt Kraken’s new services. On Tuesday, the company announced the launch of BUNQ Crypto. This allows European users to buy and sell Crypto.
To provide crypto trading, companies usually need to develop critical infrastructure that requires large amounts of labor and capital. You also need a regulatory license.
Instead, Kraken allows businesses to plug in to licensed crypto exchanges via custom built APIs or application programming interfaces. The API, the flagship in software engineering, allows developers to use code from other programmers or companies without having to write them themselves. The user experience resembles the brands and companies that use embeddedness, says McClain.
Kraken charges the embedded service, but prices vary from customer to customer, says McLain. Kraken also collects some of the revenue generated from transaction fees.
Embedment is not the only service of this kind. In 2021, Bitpanda, a Vienna-based Crypto Exchange, launched a service called Bitpanda Technology Solutions.
But McClain says Kraken’s wide range of digital assets and fast coin listing processes stand out.
“If you’re one of these neobank or fintech companies and want to provide crypto to your clients, you really want to have a wide selection of assets. You also want to have a timely basis for assets,” McClain said.
Founded in 2011 by Jesse Powell, Kraken is the 14th largest crypto exchange in the world, according to Crypto Data Platform CoinmarketCap. Following in the footsteps of US competitor Coinbase, Kraken is set to unveil in 2026.
This story was originally featured on Fortune.com.