Kraken Launches Tokenized Stocks on Solana Blockchain Globally

Kraken, a prominent cryptocurrency exchange, is rolling out tokenized equities of major companies like Apple and Nvidia for non-U.S. customers, utilizing the Solana blockchain.

This initiative grants global investors easier access to U.S. equities, potentially altering market dynamics and increasing Solana’s blockchain utility.

Kraken Partners with Backed Finance for xStocks Launch

Kraken, partnering with Backed Finance, is introducing tokenized stocks for non-U.S. investors via Solana blockchain technology. The service, called “xStocks,” offers access to over 50 real-world stocks and major ETFs.

Apple, Tesla, and Nvidia are among the featured companies in Kraken’s new offering. Non-U.S. customers across Europe, Latin America, Africa, and Asia gain access without traditional brokerage barriers.

24/7 Availability Targets Retail Investor Engagement

The tokenized stocks are available 24/7, aiming to boost market activity by increasing on-chain volume and Solana’s total value locked. This shift could attract more retail investors globally.

Past attempts, like those by FTX and Binance, saw increased trading volumes but eventual regulatory interventions. Kraken’s compliance focus aims to mitigate these concerns, enhancing its reputation in the sector.

Kraken Sets New Compliance Standards in Tokenization

Previous similar initiatives offered short-lived boosts but faced setbacks. Kraken’s engagement with regulators could provide a more sustainable model, unlike FTX’s ended venture.

Experts suggest Kraken’s approach could be a blueprint for others in the sector, with opportunities for tech integration in blockchain infrastructure and compliance-driven expansion strategies.

Kraken Spokesperson, Kraken, “The company is ‘actively working with various regulators’ as it expands tokenized stock offerings worldwide.”