In a move to diversify its offerings, Kraken is leaping beyond the realm of cryptocurrency by rolling out commission-free trading on over 11,000 U.S.-listed stocks and ETFs.
Announced on Monday, the initiative aims to cater to U.S.-based clients across various states such as New Jersey, Wyoming, and Oklahoma, marking a significant expansion into traditional finance for the cryptocurrency exchange.
Kraken’s Co-CEO, Arjun Sethi, sees this as a “transformative stride” for the firm, connecting crypto with stocks in one smooth platform.
“Crypto isn’t just evolving; it’s becoming the backbone for trading across asset classes. The future of trading is borderless, always on, and built on crypto rails,” Sethi remarked.
“By integrating equities with digital assets, Kraken is stepping into an era where users can manage stocks, cryptocurrencies, cash, and stablecoins, all in a single account.”
The new service sports features like fractional shares, allowing investors to own a slice of high-priced stocks, bolstering financial inclusivity.
Moreover, the experience is spearheaded by Kraken Securities, a FINRA-regulated division, ensuring robust equity trading services.
This expansion taps into the burgeoning interest among retail investors for diversified portfolios that offer both steady and high-risk assets.
This is a bit of a reverse flip of Robinhood Inc. (NYSE: HOOD), which started as a service for retail stock traders and investors and later expanded to cryptocurrencies.
The Vladimir Tenev-led company’s stock is up over 156% in a year even as markets face turbulence.
Bitcoin and other minor cryptocurrencies began shooting higher late last year when it became clear that Trump was set to win his second term as the President of the United States, bringing in a much friendlier administration for virtual assets.
Kraken is also speculated to be considering an initial public offering.
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