In response to declining interest from investors in the cryptocurrency market, Kraken has announced plans to bolster its financial standing by launching trading for shares of IT companies.
According to a report by Bloomberg, the exchange will be expanding its services to include a brokerage platform and a custodial service for institutional investors.
Additionally, Kraken intends to spin off its digital asset storage service into a separate business. The company is aiming to go public in 2024 under the name Kraken Securities.
To attract more traders, Kraken has announced that it will not charge commissions for processing transactions.
The exchange has applied for broker status with American regulators and has received approval from the British authorities.
Following Binance’s suspension of deposits and withdrawals, Kraken has emerged as the top choice for processing trades in the Australian, UK, and European markets.