Kraken to expand services to stocks and ETFs
US-based crypto exchange Kraken has announced plans to expand its products with intention to expand globally too.
Coinbase has announced that they are on the right track to receiving a necessary registration from the US Securities and Exchange Commission (SEC).
With the SEC looking to nail cryptocurrency regulation (finally), things for cryptocurrencies in the US will take a massive shift, such as the fact that initial coin offerings (ICOs) will be classified as securities and rules on private sales will be both stricter and enforced.
As a response to the new regulations, massive US-based cryptocurrency trading exchange Coinbase has announced that it is taking every step to being granted an SEC registration. The exchange has been making efforts to ensure that everything is in order, such as gaining the proper licenses and registrations in order to meet the regulations and the rules to trade in a legitimate and legal manner.
According to a public announcement from Coinbase, they are “on track” with the SEC registration and are currently pending approval to manage a regulated broker-dealer.
The exchange suggested that the approval will be able to grant the opportunity for them to offer more exciting features on the platform such as “future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products.”
Coinbase has also recently obtained Keystone Capital Corp., Venovate Marketplace, Inc., and Digital Wealth LLC to assist in the endeavor of procuring the license.
Coinbase’s chief operating officer Asiff Hirji stated in the announcement:
“There are now many types of blockchain-based digital assets, from cryptocurrencies to security tokens to collectibles. In the United States, some of these assets will be subject to SEC oversight. With this in mind, securing these licenses will bring us a step closer to our goal, which is to be the most trusted way for our customers to buy, sell, and use many different types of crypto assets.”
The news comes in the wake of several new products from the service – including a new venture fund as well as a new passively-managed index fund.