Kraken Ventures into U.S. and U.K. Stock and ETF Markets: A Strategic Leap Beyond Crypto

After dominating the European CRYPTOCURRENCY markets, Kraken sets its eyes on the stock and ETF sectors in the U.S. and U.K. Significantly; this marks a first for the platform, which has been crypto-focused for 12 rewarding years.

U.S. and U.K. Markets: Kraken’s Next Frontier

Kraken unveiled its intent to commence trading in U.S.-listed stocks and ETFs by 2024. Moreover, citing well-informed sources, Bloomberg revealed the trading would occur through “Kraken Securities,” a freshly minted division. While U.K. regulatory permits are ready, Kraken is eagerly awaiting broker-dealer licenses in the U.S., having filed applications with the Financial Industry Regulatory Authority. Hence, once live, eligible Kraken users will experience a unified dashboard. It will showcase crypto, stocks, and ETFs under a consolidated balance.

Additionally, this week promises another leap for Kraken with its announcement to introduce a qualified custodian for institutional clientele. This entity will function distinctly from Kraken, and a nod from Wyoming’s authorities is in the pipeline.

Competition and Market Dynamics

With this move, Kraken is poised to rival heavyweights such as Robinhood Markets Inc and Public.com. Both already make waves with their zero-commission offerings. Additionally, while Public.com boasts a U.K. footprint, Robinhood anticipates its U.K. debut later this year.

Kraken’s resilience shines through despite witnessing a dip in its trading volumes. It commands an impressive 3.5% slice of the global spot trading pie, its zenith since 2018, as documented by Bloomberg referencing CCData.

Beyond the Headlines

In parallel developments, Kraken basks in the glow of positive strides. These encompass newfound regulatory endorsements to amplify its European imprint for fiat and crypto solutions. This includes the prestigious E-Money Institution (EMI) license from Ireland’s Central Bank and the status of a Virtual Asset Service Provider (VASP) in Spain.

However, it’s not all roses. Kraken recently had to shell out a hefty $30 million to settle with the U.S. SEC. This was for not registering its crypto-staking facility as a security offering. Consequently, the service has been halted for U.S. denizens.

The post Kraken Ventures into U.S. and U.K. Stock and ETF Markets: A Strategic Leap Beyond Crypto appeared first on BitcoinWorld.

Comments

Post a Comment

Popular posts from this blog

Shiba Inu Burns 200 Ethereum ETH: A Prelude to Trillions?

Image
The official team behind the widely popular meme coin, Shiba Inu (SHIB), has recently publicized the burning of a considerable amount of Ethereum (ETH). The disclosure conveyed through a post on X from the Shib account revealed that 200 ETH had been intentionally burnt within one month. With the current value of ETH standing at $2,376.37, this translates to a substantial $475,366.00 being permanently taken out of circulation. 🔥 Is it getting hot in here? Oh wait, it's just us burning some $Shib In just about a month, we've incinerated nearly 200 ETH worth. TX details in the first comment below. pic.twitter.com/YVEzb7SEPJ — Shib (@Shibtoken) January 9, 2024 Anticipatory Sentiments The announcement evoked diverse responses within the Shiba Inu community, with some members expressing excitement and anticipation for more substantial burns in the future. One Twitter user confidently asserted, “This is just the beginning. Shiba Inu will burn trillions soon, ...
Read more

Can Wormhole Crypto Sustain Its Momentum as Cross-Chain Meme Coin Presale Hits $12 Million Mark?

Image
Despite the subdued state of the crypto markets, Wormhole has captured attention due to its unique Features and recent price movements. Wormhole has now been activated across several prominent blockchains, including Ethereum, Arbitrum, Solana, and others. This rollout empowers users to swiftly transfer $W tokens without the need for liquidity pools. These tokens can function seamlessly as ERC-20 tokens on EVM-compatible chains and as SPL tokens on Solana, with EVM compatibility. This development opens up possibilities for the creation of multi-chain solutions. It marks a significant milestone for Wormhole, indicating the successful completion of the second phase outlined in their W token launch roadmap. The next phase is poised to introduce a multi-chain governance system, which, when combined with $W token staking for governance purposes, is anticipated to revolutionize the platform. $W Crypto Price Prediction The prevailing market sentiment regarding $Wasset is cautiously posi...
Read more

Chainlink Challenger Pyth Network Announces New Airdrop for Over 160 Dapps

A rival of blockchain oracle provider Chainlink (LINK) is announcing a new airdrop for over 160 decentralized applications (Dapps). In a new blog post, data aggregating service Pyth Network (PYTH) says that it is launching the second phase of its Retrospective Airdrop plan, which gives all Dapps using data provided by Pyth free tokens. “Readers can soon look forward to their favorite [Pyth-using] applications announcing their receipt of PYTH Governance Tokens and their plans on what they will do with their PYTH Tokens.” The plan was initially launched in November 2023, at the time becoming the largest cross-chain airdrop ever. According to Pyth, as of today, 51,000 users claimed over 163 million PYTH tokens, or 65% of the entire airdrop. “The first phase of the airdrop program oversaw the distribution of PYTH Tokens to DeFi (decentralized finance) participants, from EVM (Ethereum Virtual Machine) to Cosmos, to Solana, who interacted with these Pyth-powered app...
Read more