Crypto exchange Kraken plans to launch a new stock trading service in 2024 through a newly formed division called Kraken Securities.
Customers who satisfy the criteria will have immediate access to a portfolio balance of equities, cryptocurrencies, and ETFs. While the exchange interests the American and British markets, it will require government approval to trade shares and funds.
According to reports, Kraken has already been granted a license in the UK. Additionally, the exchange has submitted a registration application to the US Financial Industry Regulatory Authority.
Kraken is growing outside of the United States, where rules are less stringent. Recently, they received authorization to provide cryptocurrency exchange and wallet services in Spain.
Due to this change, they are now in direct rivalry with other platforms that offer analog and digital assets. Kraken was ordered to stop its staking in February and settled SEC complaints by paying a $30 million fine.
