Today has been a busy day for cryptocurrency investors, and as this article is being prepared, the SEC Chairman continues to speak before the House Committee. Just a few minutes ago, an important news broke out regarding a major crypto exchange potentially offering services for stocks.
With the US Dollar Index surpassing its peak on November 30, 2022, it is quite normal to see a negative trend in cryptocurrencies. While many investors wait for the bear market to end and reduce their risk in cryptocurrencies, Kraken exchange is taking a significant step. The exchange plans to offer stock trading services in the future, specifically for US markets.
Cryptocurrency exchanges’ additional services are gaining significant attention, and if Robinhood is getting a global competitor, it could be a positive development for the US stock market. Although the details of the plans are not yet clear, we have seen such experiments in the crypto world before. There have been platforms attempting to tokenize and sell shares of Apple and other major companies. If Kraken can do this legally, it can strengthen its position.
But what if other crypto exchanges follow suit? It may not be well received in the crypto community as it would divide liquidity.