(Reuters) – Crypto exchange Kraken is planning to offer trading in U.S.-listed stocks and exchange-traded funds, Bloomberg News reported on Wednesday, citing a person familiar with the matter.
Kraken will initially offer trading in the United States and the United Kingdom through a service built by a new division called Kraken Securities, and is targeting to launch the service in 2024, the report said.
It already holds the required regulatory permits in the United Kingdom and has applied with the Financial Industry Regulatory Authority for a broker-dealer license in the United States, the report added.
“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,” a company spokesperson told Reuters.
Crypto firms are trying to expand their services after a devastating last year for the sector. Several of them are trying to get approval from the U.S. Securities and Exchange Commission for a spot bitcoin exchange-traded fund.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel)