Kraken is one of the oldest names in crypto, and it has survived a number of bear markets – including the one in 2022 that saw firms from FTX to Celsius Network implode

Kraken plans to offer trading in US-listed stocks and exchange-traded funds (ETFs), marking the 12-year-old firm’s first venture outside its crypto currency roots.

Kraken will initially offer trading in the US and UK via a service built by a new division called Kraken Securities, as per a source with knowledge of the matter who asked not to be identified discussing the information. It already holds the necessary regulatory approval in the UK and has applied with the Financial Industry Regulatory Authority (FINRA) for a broker-dealer license in the US, the source added.

The firm is targeting a 2024 launch for the new service, as per the source.

Founded in 2011, Kraken is one of the oldest names in crypto, and it has survived a number of bear markets – including the one in 2022 that saw firms from FTX to Celsius Network implode. Its push into equities comes nearly two years after Bitcoin peaked at around $69,000, giving way to a “crypto winter” that has reduced the industry’s attraction and reduced volumes.

CEO Dave Ripley’s move into equities is far from a surefire bet. It will bring Kraken into a crowded market of zero-commission firms like Robinhood Markets and Public.com. It also comes after the frenzy of retail trading unleashed by the pandemic has largely fizzled out. Public.com extended into the UK in July, while Robinhood intends to launch brokerage services to individuals in the country this year.

After stock trading over Kraken goes live, eligible customers will be prompted to activate the service. Those who do so will see their portfolio of crypto, stocks and exchange-traded funds presented as a single balance, the source added.