[NEWS] Cryptocurrency exchange Kraken plans to start trading US and UK stocks

It has been reported that Kraken, a major cryptocurrency exchange, is planning to start trading in shares. Bloomberg reported last month.

According to the report, Kraken has already obtained the necessary approvals to trade in UK shares. It has also applied for a broker-dealer license from the Financial Industry Regulatory Authority (FINRA) in the US and is currently awaiting approval.

Founded in 2011, Kraken has grown into a major cryptocurrency exchange. This time, Kraken appears to be starting stock trading in line with its original goal of "diversifying its assets." According to a person familiar with the plan, Kraken aims to start stock trading next year.

A Kraken spokesperson said, "We cannot comment on speculation," and added, "We are always looking for ways to promote the global adoption of crypto assets. We will continue to expand and enhance our services to provide our clients with secure and seamless access."

If Kraken enters the stock trading market, it will be competing with Robinhood and Public.com, which provide stock and cryptocurrency trading services. Therefore, it is expected that the activities of these two companies will become more active in the future.

Kraken is focusing on expanding its business in Europe. Recently, it obtained an EU Electronic Money Institution License from the Central Bank of Ireland. It also obtained a Crypto Asset Service Provider License from the Bank of Spain.

It is expected that Kraken will continue to strengthen its activities with an eye on acquiring customers in Europe, and if stock trading is realized, Kraken's presence is expected to increase even further.

Reference:Bloomberg
Image: Shutterstock