Cryptocurrency exchange Kraken is directly challenging traditional brokerages by offering its US customers direct access to the vast derivatives market of the CME Group, according to an announcement made on Thursday.
This move allows traders on Kraken's derivatives platform to trade oil, gold, and major indices, in addition to cryptocurrencies, sharpening its competition with rivals such as Robinhood.
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This expansion is a key part of Kraken's strategy to become a one-stop shop for traders. The platform has been working on this for months, as evidenced by its massive $1.5 billion acquisition of the NinjaTrader retail futures platform.
The move also intensifies the global battle with Robinhood, where the two are already competing for tokenized stocks outside the US.