Kraken CEO Jesse Powell has announced that the crypto exchange might be looking to onboard more digital assets, giving retail traders what they want. Retail traders have taken to exchanges due to so many factors that are beneficial to them. Besides the ease of cross-border transactions, traders can earn rewards for trading and staking digital assets on exchanges. The platform is also considering opening its users to stocks and other forms of financial markets.
Kraken plans the addition of stocks and FX
With the new update, the exchange is set to follow the path of Robinhood in providing users with both crypto and stocks. In the statement by the Kraken CEO, the company has everything it takes to rival firms like eToro and Robinhood in the stock and crypto trading services. The Kraken CEO also hinted toward a super wallet in the future. He noted that this wallet would support all kinds of assets across the financial markets.
Kraken has made its mark in the crypto market, seeing it blossom from just the Bitcoin trading services it was offering. It is also one of the oldest, entering the market in 2011. However, the exchange has not been able to challenge heavyweights like Binance regarding trading volume in the market. Powell mentioned that this new update would help the platform onboard millions of interested users.
Kraken CEO unperturbed about trading fee hike
In his statement, the exchange boss also stated that he is not perturbed that the exchange has been relying on fees paid for transactions by users. Rumors have been moving across the market that exchanges might have to drive up their fees because of the competition among exchanges. Powell said that he thinks the fees are okay the way they are, hinting that they might drop to zero in the coming years.
The Kraken CEO also noted that he is happy with the company’s progress, especially with the making inroads into the NFT and staking markets. He said that the two sectors could be a turning point for the company. Powell also talked about the current regulatory framework adopted in New York. Notably, Kraken had to leave its New York office some months ago. Sources also claimed the exchange left because of the BitLicense law. However, the Kraken CEO mentioned that although they are no longer under the jurisdiction, the state is still trying to monitor its activities since 2018. He noted that BitLicense caused more significant harm, causing exchanges to lose billions of dollars.