Kraken Expands Operations from Crypto to ETFs and Stocks

American crypto exchange Kraken has partnered with API brokerage firm Alpaca to expand its operations from solely crypto to stocks and exchange-traded funds (ETFs). The crypto exchange will now offer over 11,000 stocks and ETFs to users in specific states within the United States. This latest move positions the crypto exchange alongside rival platforms like Robinhood.

With the crypto custodian’s new products, users can access stocks and ETFs seamlessly on various financial platforms. Some include AMEX, the New York Stock Exchange (NYSE), and the Nasdaq stock exchange.

Kraken Welcomes Stocks and ETFs

Kraken’s new services are currently available to users in New Jersey, Oklahoma, Kentucky, Alabama, Idaho, Wyoming, Connecticut, Iowa, Rhode Island, and the District of Columbia. There are plans to expand its tentacles into other states in the country in the future.

Users can access the new features using the Kraken mobile app, the Kraken Pro mobile app, or the Kraken Pro web version. Some features of the latest products include reinvesting and fractional trading, allowing traders to own bits of high-priced stocks.

The crypto exchange’s co-CEO Arjun Sethi explained that the crypto exchange aims to merge the traditional financial world with cryptocurrencies.

“Thinking of the market as one exchange vs the other isn’t the right way to think about it. What you are seeing now is a convergence between traditional markets and crypto markets,” he told Bloomberg.

Since its debut in July 2011, Kraken has become one of the most recognized crypto custodians headquartered in the U.S. It is worth noting that the crypto exchange launched earlier than Coinbase, its rival exchange, which launched a year later. Still, the crypto exchange trails Coinbase in metrics such as total user base and traded volume ranking. Delving deeper into the financial markets is Kraken’s way of leveling the playing field.

The latest development comes amid talks of Kraken going public early next year. If the plan is successful, the crypto exchange will become the third crypto exchange to become a public company, after Coinbase (COIN) and Coincheck (CNCK).

Interestingly, Kraken’s decision to expand its operations in the U.S. comes amid a friendlier regulatory landscape set by the country’s president, Donald Trump. Under his administration, Kraken and a slew of crypto entities were freed from the U.S. Securities and Exchange Commission (SEC) clutches.