2023-09-27 21:10:10
© Reuters. Kraken plans to allow users to trade stocks on its platform
CriptoFácil – Cryptocurrency exchange Kraken plans to enter traditional finance (TradFi) once and for all. According to a Bloomberg News report, published this Wednesday (27), the crypto company intends to allow its users to trade shares on its platform, in addition to cryptocurrencies.
In principle, the idea is to make shares of companies listed in the United States and the United Kingdom available for purchase and sale. The service should only hit the market next year, according to an anonymous source interviewed by the report.
Founded in San Francisco, California, in 2011, Kraken is one of the largest cryptocurrency trading platforms in the world. According to data compiled by CoinGecko, the platform is the third highest in “trust score”, behind only Binance and Coinbase (NASDAQ:).
In the last 24 hours, Kraken brokered the trade of US$488 million in cryptocurrencies. Likewise, it was only behind Binance and Coinbase in this regard.
Also read: Binance and CZ may face criminal charges, says WSJ
Kraken focuses on TradFi
Also according to the Bloomberg News report, Kraken’s stock trading service will be managed by a new division of the company called Kraken Securities.
The company has already obtained the necessary authorizations in the United Kingdom and has already applied to the Financial Industry Regulatory Authority for a license to act as a broker in the USA.
If the exchange manages to put its plan and practice into practice, it will, in fact, match Robinhood, based in the US, in terms of service offerings. The platform also offers stock trading as well as cryptocurrency trading for its users.
When contacted by the report, a Kraken spokesperson neither confirmed nor denied the possibility. Instead, he said only that the company intends to expand its service offering:
“While we cannot comment on rumors or speculation, we intend to expand and improve our offering so that customers continue to have secure and seamless access to Kraken’s full suite of products.”
Read also: Cryptocurrencies record discreet gains this Wednesday; with listed at US$26,500
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