Cryptocurrency exchange Kraken is positioning itself to compete with players like Robinhood.
Kraken plans to offer trading in US-listed stocks and exchange-traded funds, marking the 12-year-old company's first foray outside its traditional crypto domain.
After capturing a strong position in European crypto markets recently, Kraken is now awaiting approvals for stock and ETF trading in the US.
Robinhood, on the other hand, is undergoing a reorganization, and the company's all-employee meeting discussed its future in credit cards, according to insiders.
Ten years ago, Robinhood was founded with the mission to "democratize" stock trading, making it more accessible for anyone to trade stocks.
Now, the app that was at the center of the meme-stock frenzy is venturing into the retirement market, seeking to attract more users.
In a recent announcement, Robinhood revealed that it had entered into a share repurchase agreement with the United States Marshal Service (USMS) for $605.7 million.
Robinhood Markets also repurchased $605 million worth of shares that previously belonged to Sam Bankman-Fried, the disgraced crypto mogul.
Robinhood Markets Inc. has expanded the breadth of its crypto wallet by adding wallet support for bitcoin (BTC) and dogecoin (DOGE).
The move signals Robinhood's intention to further embrace cryptocurrencies and cater to the growing demand for digital assets.
Keywords: Kraken, Robinhood, trading, stocks, ETFs, cryptocurrency exchange, US-listed, approvals, reorganization, credit cards, democratize, retirement, share repurchase, US Marshal Service, Sam Bankman-Fried, crypto mogul, crypto wallet, bitcoin, dogecoin.
Tickers: KRKN, HOOD, BTC, DOGE.
Anonymous image description: An illustration showcasing two mobile phones with the Kraken and Robinhood logos, symbolizing their competition in the trading market.
Classification: Research. Category: Stocks.
