Crypto exchange Kraken has announced the launch of commission-free trading for stocks and exchange-traded funds, expanding its product suite beyond cryptocurrencies.
Kraken said in an announcement that initial rollout is live for more than 11,000 stocks and exchange-traded funds listed in the United States.
The phased launch will first be available to eligible clients in select states, including New Jersey, Wyoming, Oklahoma, Idaho, Connecticut, and the District of Columbia. Kraken plans to gradually expand the offering to eligible clients across the United States.
“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,” said Arjun Sethi, Kraken’s co-chief executive officer. “Expanding into equities is a natural step for us, and paves the way for the tokenization of assets. The future of trading is borderless, always on, and built on crypto rails—and Kraken will continue to lead this shift.”
This move means Kraken is expanding beyond crypto, with its suite of products and services now mirroring the popular trading app Robinhood. With this expansion, the crypto exchange now allows its clients to buy stocks with the U.S. dollar.
According to the update, users can now buy stocks, crypto and ETFs listed on the New York Stock Exchange and NASDAQ via their Kraken account. Notably, the company is offering the new services via Kraken Securities, its Financial Industry Regulatory Authority-regulated subsidiary.
U.S.rollout will be followed by expansion to clients in the United Kingdom., Europe and Australia, the exchange noted.
Founded in 2011, Kraken is one of the world’s top crypto exchanges, with its global user base able to trade Bitcoin (BTC) and over 300 digital assets.It also offers the world’s top currencies, including the British pound, euro, Canadian dollar and Swiss franc.
The company recently acquired NinjaTrader for $1.5 billion and reportedly seeks $1 billion debt ahead of an expected initial public offering.
