Kraken, a leading crypto trading firm, is venturing into traditional finance with the launch of access to over 11,000 US-listed stocks and exchange-traded funds (ETFs). In an official statement released on April 14, the company announced that users can now trade equities commission-free through Kraken Securities LLC, a newly established FINRA-regulated entity.
This new service is currently available to residents in ten US jurisdictions, including New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama, and Washington, D.C. Kraken has plans to expand access to more states in the near future, with a global expansion into markets such as the UK, Europe, and Australia also on the horizon.
The expansion into traditional finance is in line with Kraken’s overarching goal of bridging the gap between traditional and digital finance. By offering access to stocks, ETFs, cryptocurrencies, stablecoins, and cash all on a single platform, Kraken aims to make it easier for users to diversify their portfolios seamlessly.
Arjun Sethi, co-CEO of Kraken, highlighted that the move into equities marks a natural progression for the company and lays the groundwork for future innovations. He emphasized the role of blockchain technology in facilitating borderless and continuous trading experiences across various asset classes.
Kraken’s recent acquisition of retail futures trading platform NinjaTrader for $1.5 billion and its plans to raise $1 billion in debt ahead of a potential initial public offering underscore the company’s ambitious expansion into both traditional and crypto finance realms.
With this foray into stock trading, Kraken finds itself in direct competition with platforms like Crypto.com, which also introduced commission-free trading for stocks and ETFs in the US earlier this year. The increasing convergence of traditional finance and crypto is reshaping the landscape of the financial industry, and Kraken is positioning itself as a key player in this evolving ecosystem.