Kraken exchange will initiate trading of tokenized shares of Apple, Tesla, Nvidia, and 50 other companies for users in Europe, Asia, Africa, and Latin America starting late June, as reported by WSJ.
The xStocks tokens, linked to actual securities, will operate on the Solana blockchain and be available for trading around the clock.
Each asset is backed by a share or a stake in an ETF through Kraken’s partner, the Swiss company Backed Finance. The price of xStocks will be synchronized with the market value of the underlying assets.
Investors will have the ability to transfer tokens to external exchanges or personal wallets, as well as use them as collateral in crypto trading.
According to Kraken CEO Arjun Sehti, the service will simplify access to the American market for foreign clients, who currently face high fees and lengthy settlement times when dealing through local brokers.
Kraken stated that it is working with regulatory authorities to legalize xStocks in each jurisdiction.
Back in March, Bloomberg sources reported on the exchange’s plans to go public in the first quarter of 2026.
In the same month, Kraken entered into an agreement to acquire the futures trading platform NinjaTrader for $1.5 billion.
Later, the trading platform partnered with Mastercard to issue physical and digital debit crypto cards.