The Kraken exchange is considering offering stocks to clients alongside digital assets and NFTs. This was disclosed by Chief Executive Jesse Powell in an interview with Decrypt.
According to Powell, cryptocurrency brokers are moving toward creating “super wallets” that will enable consumers to conduct transactions across all assets, including traditional ones.
“I think you will see all of these exchanges converge on a similar feature set, a kind of super-wallet — an omni-product app with NFT, spot and fiat markets, perhaps stock trading and even more extreme variations of cryptocurrencies. We have already said that we are exploring stocks, and I think it makes sense to do so,” Powell said.
Powell noted that competition in the crypto industry has intensified as many new players have entered the market. That said, he does not believe this will affect Kraken’s trading fees, which are the company’s largest source of revenue.
The head of the exchange stressed that many customers are “relatively insensitive” to fees, and therefore, “in the end, it all comes down to UX and the ability to do what you want in one app.”
In May, Kraken opened a waitlist for its own NFT marketplace.