Kraken, which plans to go public next year, announced today (Friday) that it has strengthened its stock offering to its U.S. user base by introducing stock lending functionality. The platform now allows users to transfer their holdings from other securities platforms to Kraken.
Other service enhancements include extended stock trading hours Monday through Friday (4 a.m. ET to 8 p.m. ET). Additionally, users now have access to market depth data.
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“These additions aim to further bridge the gap between traditional finance and digital assets, providing investors with an integrated platform to manage their portfolios,” the California-based company said.
Stock service launched in the US
Kraken, one of the oldest crypto exchanges still in operation, launched stock trading services in the United States in early April. It provides stock and exchange-traded fund (ETF) trading services in approximately 12 states in the United States.
The platform says it offers more than 11,000 U.S.-listed stocks and ETFs to U.S. users.
Equity tokenization for non-US customers
Kraken initially expanded beyond cryptocurrencies by adding US stocks, but has become one of many crypto exchanges to introduce stock tokenization services for non-US customers.
“Our expansion into the equity space does more than just add new assets; it redefines the investment landscape,” the exchange added. “By integrating traditional financial products and digital assets, we offer a holistic approach to investing.”
Expansion into Europe with MiFID II license
Meanwhile, Kraken is also expanding its services within cryptocurrencies. The company acquired a Cyprus broker earlier this year to obtain a MiFID II license, and subsequently launched a crypto perpetual agreement with the Cyprus broker for users in Europe.
The crypto exchange recently entered the prop trading space with the acquisition of Breakout. It also completed the $1.5 billion acquisition of NinjaTrader, a U.S.-based futures trading platform.
IPO plan backed by $500 million in funding
Meanwhile, a cryptocurrency exchange gearing up for an initial public offering recently closed a $500 million funding round at a valuation of $15 billion. Interestingly, co-CEO Arjun Sethi also invested in the exchange in his personal capacity.
