Kraken, one of the world's biggest cryptocurrency trading platforms, plans to offer customers the option of buying and selling traditional U.S.-listed stocks, according to Bloomberg News.
The crypto exchange founded in 2011 hopes to launch the service next year, according to the report, which cited an anonymous source. The service will offer trading in the U.S. and UK, and the service will be managed by new division dubbed Kraken Securities, the report also said.
Kraken already possesses the required authorization in the UK and has applied with the Financial Industry Regulatory Authority for a broker-dealer license in the U.S., the anonymous source also said.
The move will pit Kraken against U.S.-based Robinhood, which also allows its users to trade both traditional stocks and crypto. A few months before its demise, FTX.US also allowed customers to trade stocks.
When asked about the report by email, a Kraken spokesperson said that "while we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite."
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