Kraken charts TradFi pivot by offering US and UK stock trading: Bloomberg

Quick Take

  • Cryptocurrency exchange Kraken plans to allow users to trading shares listed in the U.S. and UK, Bloomberg News reported. 

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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AUTHOR

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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To contact the editor of this story: Nathan Crooks at [email protected]

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