Cryptocurrency exchange Kraken is reportedly expanding its services, with plans to offer trading in United States-listed stocks and exchange-traded funds (ETFs).

The US-based exchange will initially offer the service in the U.S. and the United Kingdom in 2024 through its new division, Kraken Securities, according to a Sept. 27 Bloomberg report. Citing a source familiar with the matter, the report said the new entity already holds the necessary regulatory approvals in the U.K. and has applied with the U.S. Financial Industry Regulatory Authority for a broker-dealer license.

After the launch of stock trading on Kraken, eligible customers will be prompted to activate the service. According to the report, those who activate will see their portfolio of crypto, stocks, and ETFs presented as a single balance.

This is not the first time crypto-focused platforms have reportedly ventured into non-crypto offerings. Robinhood already offers stock trading services, along with its usual crypto-related services. In May 2022, the now-defunct FTX.US announced plans to launch a stock trading platform. However, the exchange collapsed six months later following the implosion of the wider FTX Group.

Kraken is also building prime brokerage services and launching a separately-ran qualified custodian for institutional clients in the coming weeks, the report added, citing the anonymous source. The exchange has reportedly applied for approval with the state of Wyoming for the latter.

In recent headlines, Kraken faces a civil suit filed by the Australian Securities and Investments Commission for allegedly failing to hit a target market determination for its margin trading product.

On Sept. 26, it announced securing licenses in Spain and Ireland for digital asset services offerings.