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Kraken Targets Offering Stock Trading and Other Traditional Financial Services

The CEO of Kraken reveals plans to expand the range of products and services it offers.

Furthermore, Jesse Powell says in a CNBC interview that Kraken is expanding into products and services. Of course, which generally relates with legacy financial institutions.

“We’re getting more into traditional financial services such as stock trading,..”
“banking services, maybe even small loans at some point.”

Notably, The Kraken CEO reveals their target remain around crypto products and services.

“That’s sort of a smaller project. We’re really experts at the cryptocurrency business.”

“We’ve been in this space for over 10 years now and…”

“we’re really on the bleeding edge of what’s happening with cryptocurrency.”

Recall, In September 2020, Wyoming financial company’s regulator awards Kraken Financial the Special Purpose Depository Institution (SPDI) charter. Which of course, gives it access to operate as an independent bank for digital assets. Then, also reduce Kraken dependence on third-party financial institutions.

Additionally, the charter is to enable the exchange to take custody of crypto assets. Also, accept US dollar deposits and permit clients to transfer their US dollar holdings seamlessly.

Lastly,it plans to offer debit card services and custodial services. Especially, for broker-dealers, also for wealth management and treasury services.

Conclusively, Kraken also plans to go public in the future.

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