Kraken Plans to Launch Stock and ETF Trading, Enters Competitive Market
Cryptocurrency exchange Kraken plans to enter the stock and ETF trading market, competing with Robinhood and other financial services companies. Explore the details and challenges Kraken may face in this competitive landscape.
Posted 10 months ago in Exchanges
Cryptocurrency exchange Kraken is planning to expand its services by offering trading in U.S.-listed stocks and exchange-traded funds (ETFs) in direct competition with Robinhood and other financial services companies.
The new service is set to launch in 2024, initially targeting customers in the U.S. and the U.K. However, Kraken will need to navigate the highly regulated and competitive financial landscape to establish its presence.
Kraken has been considering entering the stock trading market for years and is currently securing the necessary regulatory permits. While the company has yet to confirm its entry, its proactive approach in expanding its global footprint and service offerings is evident.
Recently, Kraken obtained regulatory approvals to operate in Spain and Ireland and its UK derivatives unit is exploring opportunities to fill the gap left by FTX's collapse. However, the co-founder and former CEO, Jesse Powell, is currently under federal investigation for allegations of hacking and cyberstalking.
Last updated 9/28/2023, 4:59:58 PM
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