US-based crypto exchange Kraken is reportedly adding to its suite of products with the addition of traditional stock offerings.

According to a new report by Bloomberg Law, sources familiar with the matter say that Kraken is planning on offering US-traded stocks and exchange-traded funds (ETFs) to its customers.

This marks the first time that Kraken has ventured outside of the world crypto assets, according to the report.

Initially, the crypto exchange plans to sell traditional stock offerings in the United States and the United Kingdom through Kraken Securities, a new branch of the firm. It plans to launch its service sometime in 2024, according to Bloomberg.

The report further finds that Kraken has already obtained the proper regulatory permit to operate in the United Kingdom and is currently working on getting the green light from the US.

As stated by a company spokesperson to Reuters,

“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.”

Earlier this month, Kraken received authorization to operate in other European nations, such as Spain and Ireland.

Previous reports indicate that Kraken got Ireland’s E-Money Institution (EMI) license, which would allow it to work with European banks and Spain’s Virtual Asset Service Provider (VASP) registration, which lets it operate as both a crypto exchange and crypto wallet provider.

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Author: Mehron Rokhy

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