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.
What's Next for XRP? Ripple CTO Set to Reveal Treasury Insights at Key EventWill Dogecoin (DOGE) Price Rebound in November?Crypto Market Prediction: Is Shiba Inu (SHIB) in Critical Condition? Ethereum (ETH) Bounce Must Happen, Bitcoin (BTC) Bounces Before $110,000Major Date for XRP Holders Revealed, Michael Saylor Reacts to Bitcoin (BTC) Price Crash, Cardano (ADA) Confirms Death Cross — Crypto News Digest
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.
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.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team