Kraken has extended United States share trading services throughout the European Economic Area (EEA) to cover a wider range of services than previously posted in Germany, France and the Netherlands. According to its latest support page, the service is available to market users in Spain, Italy, Ireland, Sweden, Austria, Portugal and Norway.
Transactionable assets in excess of 7000 US only
Eligible users can now trade over 7000 United States-listed shares on Kraken platform, with access to over 600 encrypted assets and over 700 xStocks. xStocks is a stock monetization product provided by Kraken for users who wish to manage traditional and digital assets on the same platform.
The transaction can be completed by the desktop and mobile side of Kraken Pro or can be used in a standard Kraken application. This means that Kraken is further extending the original platform for encrypted transactions to a comprehensive entry that covers multiple types of assets.
European platform competition to "share + encryption"
This expansion also reflects changing competition in European markets. An increasing number of encryption platforms and financial technology coupons have begun to place traditional securities trading and chained asset products in the same service system.
Crypto.com, mentioned in Coimpaper, introduced a monetized stock transaction to EEA users on August 12, with the first coverage of about 1,500 equities and funds. Robinhod is currently providing 2000 multi-stock coins to European clients. Bitpanda has expanded traditional stocks, ETFs and other assets to over 10000.
Services provided by Cypriot entities
Kraken states that this stock service was provided by Payward Europe Digital Solutions (CY) Limited. This entity is regulated by the Cyprus Securities and Exchange Commission and is authorized under the MIFID II framework.
Kraken also stated that the combination of traditional and monetized stock services would continue to move to more markets in the coming months. As the European regulatory framework becomes clear, competition around multiple asset trading entry points may increase further.