Many stock trading platforms have turned to offering cryptocurrency as a new feature for its clients. Could a leading cryptocurrency trading platform soon offer stock trading?
What happened: Cryptocurrency platform kraken may soon offer stock trading to its clients, CEO Jesse Powell Told Decrypt on his gm podcast.
Powell said crypto exchanges could offer a “super wallet” that offers cryptocurrencies, NFTs and stocks.
“I think you’ll see these crypto exchanges all converging into a very similar feature set that becomes sort of a super wallet, an omni-product app with NFT, spot trading, FX, maybe even stock trading, maybe even a bit more extreme crypto stuff,” Powell said. “I think we’ve said before that (equities) is something we’re exploring, and I think it makes sense to do that.”
Kraken was one of the first Bitcoin BTC/USD trading platforms, launched in 2011. Powell shared his thoughts on a competitive market and how Kraken has some of the highest fees in the market.
“Ultimately it will come down to the best UX and the ability to do more of what you want in one place,” he said.
Related Link: Kraken to Give $10 Million in Bitcoin to Customers Affected by Ukraine Crisis
Why it matters: Several trading platforms like Robinhood Markets HOOD and eToro started with stocks and later branched out into the cryptocurrency market in order to increase the trading activity of current members and grow its total membership.
Cryptocurrency trading platform Coinbase Global PIECE OF MONEY would likely watch a move by Kraken to offer stock trading, as this could be a new growth market for the company in the future.
Kraken is expected to launch NFT trading and DeFi staking in the future.
Photo: Courtesy of kraken.com