Kraken, a long-standing crypto exchange, is expanding its services by entering the traditional stock trading arena, prompted by reduced interest in cryptocurrencies amid the ongoing bear market.
Kraken’s diversification also includes plans for prime brokerage services and a qualified custodian service, which will operate independently from the exchange to safeguard funds. While the launch date for the custodian service remains uncertain, Kraken Securities, the rumored name for its stock trading service, is expected to debut in 2024, offering zero-commission trading to attract a wide range of users. Kraken’s experience in handling crypto market challenges adds credibility to this new venture.
The exchange has applied for a broker-dealer license in the US and gained approval from UK authorities.
Anticipation surrounding Kraken Futures’ launch is likely to strengthen its position in various markets, including AUD/EUR/GBP segments, where it has gained prominence, especially after Binance suspended GBP/AUD operations earlier in the year. Kraken has also achieved a 3.5% share of the global spot trading market, its highest market share since 2018.
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