Kraken Continues Expansion; Pushes Into Traditional Stock Offerings

It looks like Kraken continues its expansion and keeps pushing into traditional stock offerings. Check out the latest reports about the matter below.

Kraken, a crypto exchange based in the US, is reportedly expanding its range of products by offering traditional stock options.

Sources familiar with the matter have informed Bloomberg Law that Kraken plans to provide its customers with US-traded stocks and exchange-traded funds (ETFs).

This move marks Kraken’s first foray outside the crypto asset arena. The initial plan is to sell traditional stock options in the United States and the United Kingdom through Kraken Securities, a new division of the company.

The service is expected to be launched in 2024, according to Bloomberg. The report also reveals that Kraken has already secured the necessary regulatory permit to operate in the United Kingdom, and is currently working on obtaining approval from the US.

According to a spokesperson for the company who spoke to Reuters, Kraken is seeking to expand and improve its services to ensure that clients have secure and easy access to its entire product range.

Although the company cannot confirm or deny any rumors or speculation at this time, it recently received authorization to operate in other European countries, including Spain and Ireland.

Reports suggest that Kraken obtained an E-Money Institution (EMI) license in Ireland, allowing it to work with European banks, and a Virtual Asset Service Provider (VASP) registration in Spain, enabling it to function as both a cryptocurrency exchange and cryptocurrency wallet provider.

On Tuesday, Kraken made an announcement that it has received permission to enhance its services in Ireland and Spain.

The central bank of Ireland has authorized Kraken to become an “E-Money Institution,” which means that Kraken’s subsidiary in Ireland can now collaborate with European banks and expand its EUR fiat services across all 27 European Union member states and European Economic Area countries.

Furthermore, Kraken has obtained its Virtual Asset Service Provider (VASP) registration in Spain, which permits the company to offer cryptocurrency exchange and custodial wallet services to Spanish residents. This development follows Kraken’s earlier acquisition of VASP in Ireland and Italy.