Cryptocurrency exchange Kraken has plans to venture into traditional banking services, according to CEO Jesse Powell.
During a recent interview on CNBC, Powell said that the company was on track to offer stock trading and even "small loans" in the long term:
We are getting more into traditional services such as stock trading, banking services...maybe even small loans.
Kraken CEO @jespow tells us the crypto exchange is looking to get into traditional financial services.. including stock trading??— Kate Rooney (@Kr00ney) November 1, 2021
Comes as Robinhood, Square, PayPal move onto their turf with crypto trading @CNBCTechCheck pic.twitter.com/GFy64527Pm
However, Powell added that traditional finance wouldn't be a priority for the crypto trading platform.Founded in 2011, Kraken remains one of the largest crypto exchanges. It plans to go public at some point in 2022 or later after reaching a valuation of over $10 billion.
In June, the Coinbase rival rolled out its stock trading app in the U.S.
Earlier today, the San Francisco-based trading platform announced that it would be adding support for the Shiba Inu cryptocurrency, following in the footsteps of its bigger rivals.