US-based crypto exchange Kraken is reportedly expanding its product offering with the addition of traditional stock offerings.
According to a new one report According to Bloomberg Law, sources familiar with the matter say Kraken plans to offer U.S.-traded stocks and exchange-traded funds (ETFs) to its customers.
According to the report, this is the first time Kraken has ventured outside the crypto asset world.
Initially, the cryptocurrency exchange plans to sell traditional stock offerings in the United States and the United Kingdom through Kraken Securities, a new arm of the company. According to Bloomberg, it plans to launch its service sometime in 2024.
The report further reveals that Kraken has already obtained the appropriate regulatory authorization to operate in the UK and is currently in the process of getting the green light from the US.
If declared by a company spokesperson to Reuters,
“While we cannot comment on rumors or speculation, we are committed to broadening and improving our offering so that customers continue to have secure and seamless access to Kraken’s full suite of products.”
Earlier this month, Kraken was given permission to operate in other European countries, such as Spain and Ireland.
Previous reports indicate that Kraken has been granted Ireland’s E-Money Institution (EMI) license, allowing it to work with European banks, and Spain’s Virtual Asset Service Provider (VASP) registration, allowing it to function as both a crypto exchange and crypto wallet provider can operate.
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