• The CEO of Kraken intends to bring on new assets.
  • Stocks and foreign exchange will be added to Kraken.
  • Powell seems undeterred by the hike in trading fees.

Jesse Powell, the CEO of Kraken, has stated that the crypto exchange may look to add more digital assets, providing retail traders what they want. Because of numerous advantages that benefit retail traders, they have turned to exchanges. For example, traders can earn rewards for trading and staking digital assets on exchanges and the convenience of cross-border transactions. The platform also explores allowing users to trade stocks and other financial instruments.

Stocks and foreign exchange will be added to Kraken

With the new update, the exchange is on track to follow Robinhood’s lead in providing consumers with both cryptocurrency and equities. According to the CEO of Kraken, the company has what it takes to compete with eToro and Robinhood in stock and cryptocurrency trading. The CEO of Kraken also hinted at a potential super wallet. He stated that this wallet would be compatible with various assets across financial markets.

Kraken has created a name for itself in the cryptocurrency sector, starting with solely Bitcoin trading services. It’s also one of the oldest, introduced to the market in 2011.

However, the exchange has been unable to compete with industry heavyweights such as Binance in trade volume. Powell stated that this new version would assist the platform in attracting millions of new users.

The Kraken CEO is unconcerned about the increased trading fees

In his remark, the exchange’s CEO also claimed that he is unconcerned about the exchange’s reliance on user fees for transactions. However, because of the competition among exchanges, rumors have circulated that exchanges may have to raise their costs. Powell stated that the fees are OK the way they are but hinted that they may be reduced to nil in the future.

The Kraken CEO also expressed his satisfaction with the company’s success, particularly in the NFT and staking areas. He believes the two industries would be essential for the organization. Powell also discussed New York City’s present regulatory system. Kraken, for example, had to close its New York office a few months ago. According to sources, the exchange quit due to the BitLicense law. Even though they are no longer under the state’s authority, the Kraken CEO stated that the state has been trying to monitor its actions since 2018. He pointed out that BitLicense had a greater impact, costing exchanges billions of dollars.

LEAVE A REPLY

Please enter your comment!
Please enter your name here