Kraken Expands Beyond Cryptocurrencies
Kraken is expanding beyond cryptocurrencies by offering US-listed stocks and exchange-traded funds (ETFs) in a move aimed at appealing to more traditional investors.
Kraken, the world’s 13th largest centralized cryptocurrency exchange by volume, announced the launch of 11,000 US-listed stocks and ETFs with commission-free trading in an effort to bring “equities and digital assets together” under one trading platform.
As of April 14, US-based users in New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama and the District of Columbia can access these stocks and ETFs within their Kraken account, the company announced.
The exchange plans to continue expanding access to clients in other US states, marking the first part of a “phased national rollout.”
Both traditional and cryptocurrency investor sentiment took a significant hit after US President Donald Trump’s reciprocal import tariff announcement on April 2.
Kraken’s traditional stock offering comes over a week after the S&P 500 posted a $5-trillion loss in market capitalization over two days, marking its largest drop on record, surpassing a $3.3-trillion decline in March 2020 after the first wave of the COVID-19 pandemic.
Crypto is “becoming the backbone for trading”
Kraken’s expansion into traditional investment products signals the growing utility of cryptocurrencies and blockchain technology, according to Arjun Sethi, co-CEO of Kraken.
“Crypto isn’t just evolving, it’s becoming the backbone for trading across asset classes, such as equities, commodities and currencies. As demand for 24/7 global access grows, clients want a seamless, all-in-one trading experience.”
Sethi added that expanding into traditional equities is a “natural step” toward the tokenization of real-world assets and the “borderless” future of trading built on blockchain rails.
Kraken also plans to expand its stock trading offering to other large international markets, including the United Kingdom, Europe and Australia.