Kraken is set to introduce a new product that will enable users in certain countries outside the US to trade tokenized versions of major American stocks and ETFs 24/7.
As per the announcement on May 22, the offering will include popular names like Apple, Tesla, and Nvidia, with plans for further expansion in the future.
This announcement follows the exchange’s acquisition of NinjaTrader in February and its recent foray into stock trading.
xStocks
The product, known as xStocks, is developed in collaboration with Backed and will tokenize well-known US-listed assets as SPL tokens on the Solana (SOL) network.
Unlike traditional equity markets, xStocks will be tradeable round the clock through Kraken’s platform and compatible Solana wallets.
This structure also allows the tokenized assets to be utilized onchain, such as for collateral in decentralized applications, a functionality not feasible with traditional brokerage systems.
Mark Greenberg, Kraken’s Global Head of Consumer, stated that xStocks aims to provide swifter, more cost-effective, and inclusive access to US equities. He also criticized existing systems for being slow, pricey, and restricted by geography.
“[xStocks] is what the future of investing looks like.”
Democratizing access to US markets
Kraken’s latest move builds on its recent launch of a standard equities trading service for US clients, encompassing over 11,000 publicly listed stocks and ETFs.
The company plans to extend this service to the UK, Europe, and Australia, while xStocks represents a parallel expansion utilizing blockchain technology.
The launch comes amidst growing interest in tokenized real-world assets (RWAs), fueled by the demand for open financial infrastructure and the efficiencies brought by digital platforms.
Kraken has not disclosed a specific launch date for xStocks but has expressed intentions to broaden the list of supported jurisdictions and tokenized assets gradually.
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