Kraken to Explore Stock Trading

Hi NoRamp Community,

NoRamp released its first podcast last Friday with the Cameo CEO & Co-Founder Steven Galanis. Check it out on your preferred platform here. Onto the news for the day:

Crypto exchange Kraken to explore stock trading. Pudgy Penguins releases toy collection in Walmart. US Congressman Slams Gary Gensler for Attacking Crypto.

Kraken… Stock Trading?

US-based cryptocurrency platform Kraken is considering introducing stock and ETF trading services in both the U.S. and U.K., as per information revealed to Bloomberg by an individual with knowledge of the matter. Should this move forward, Kraken would be among the first in the crypto exchange space to delve into non-cryptocurrency trading options. While FTX's U.S. segment once provided stock trading, platforms like Robinhood and Wealthsimple currently offer a mix of traditional and crypto trading.

The proposed trading service by Kraken is anticipated to be rolled out by 2024 and is expected to be facilitated through a new segment, Kraken Securities. This division has secured the required regulatory clearances in the U.K. but is still awaiting approval in the U.S.

Recently, amidst tighter regulatory focus in the U.S., Kraken has been amplifying its initiatives in other nations. This included settling SEC charges and discontinuing its crypto staking feature after paying a $30 million penalty.

Pudgy Penguins Toys:

Today, Pudgy Penguins, a leading NFT collection, will unveil its Pudgy Toys line in 2,000 Walmart locations across the U.S.

Brittany Smith, Walmart U.S.'s vice president of merchandising for toys, commented, “Pudgy Penguins is effectively merging the tangible and virtual play dimensions for children."

Being the U.S.'s top retailer and 2022's highest revenue-generating global company, Walmart will now stock Pudgy Toys collectibles and plush toys alongside esteemed consumer brands, further solidifying the collection's appeal outside the cryptocurrency sector. Within Pudgy World, users can navigate an engaging digital space, participate in games, and personalize their Forever Pudgy character.

Since its inception in 2021, Pudgy Penguins has generated sales worth $400 million. The brand stands out by leveraging social media and experiential marketing strategies, maintaining its appeal while numerous NFT brands lost traction. Although mainstream media has often criticized NFTs for their price volatility and competitive market challenges, integrating physical products on prominent platforms can be a strategy for NFT collections to resonate with real-world audiences and fortify their brand identity.

Luca Netz, Pudgy Penguins' CEO, stated, "By featuring Pudgy Toys, Walmart highlights the changing dynamics of brand-consumer interactions in today's digital age."

PMI Kids’ World, known for crafting toys inspired by popular cartoons and shows like WWE, manufactures these toys. The Walmart inventory will include 16 varied Pudgy Toys, priced between $2.99 and $11.97.

Tom Emmer Slams Gensler for Attacking Crypto:

Tensions ran high during a recent Congressional session as SEC Chair Gary Gensler faced intense scrutiny from lawmakers regarding claims of stifling crypto innovation in favor of traditional banks.

US Representative Tom Emmer confronted Gensler, asserting that he was unfairly regulating cryptocurrencies to the advantage of major banking entities.

In a session with the House Financial Services Committee, Emmer insinuated that Gensler's inclination to classify most cryptocurrencies as securities was motivated by an intention to shield banks from rising competitors in the crypto space.

Emmer referenced statements made by Gensler the previous year, noting concerns from bank leaders about clients transferring funds to cryptocurrencies. Emmer contended that Gensler's regulatory stance was more about protecting established banks than ensuring investor safety.

Drawing on a recent court decision, Emmer criticized Gensler's aggressive regulatory tactics, asserting that they overstep the SEC's jurisdiction and hamper financial innovation. Emmer further claimed Gensler regularly ignores court and legislative limitations on the SEC's reach into the crypto sector.

Emmer charged, “Your actions seem to centralize your own authority, even if it curtails opportunities for average Americans.” He further insinuated Gensler's enduring allegiance to major Wall Street firms, claiming it hinders market progression.

In defense, Gensler stated his actions aim to counteract fraud and manipulation in the crypto arena. Yet, Emmer persisted in his accusations, suggesting Gensler's regulatory stance on cryptocurrencies lacked neutrality.

NoRamp

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NoRamp released its first podcast on Friday with the Cameo CEO & Co-Founder Steven Galanis. Check it out on your preferred platform here.

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- NoRamp Team