Kraken Brings Tokenized U.S. Stocks to Global Clients
Cryptocurrency exchange Kraken is set to disrupt traditional finance by offering tokenized U.S. stocks and ETFs to non-U.S. clients. This move, facilitated by Backed's xStocks on the Solana blockchain, aims to provide open, instant, accessible, and borderless exposure to American equities.
Kraken's expansion into tokenized equities signals its intent to democratize global access to the stock market. Clients can trade these assets on Kraken's platform and compatible wallet providers, and even use them as collateral. These tokenized assets, traded as SPL tokens, will enable 24/7 borderless access to American equities.
Kraken's approach differs from competitors like Bybit, which facilitates trading traditional stocks with crypto, by creating blockchain-native versions of these stocks. Robinhood, another rival, is also exploring blockchain-based platforms for European investors to trade tokenized U.S. stocks, considering Arbitrum and Solana.
Kraken's offering of tokenized U.S. stocks and ETFs to non-U.S. clients challenges traditional finance norms, providing open, instant, accessible, and borderless exposure to the American stock market. This move, along with Robinhood's explorations, signals a growing interest in blockchain-based platforms for global equity trading.
