Latest news with #KrakenSecurities
Yahoo
23-05-2025
- Business
- Yahoo
Kraken To List Tokenized Version of Nvidia, Apple, Tesla Shares
Kraken plans to list tokenized shares of Nvidia, Apple, Tesla and over 50 other U.S. stocks and exchange-traded funds (ETFs), the Wall Street Journal reported. The tokens, deployed on Solana SOL, will be known under the name 'xStocks' and will be available to trade 24/7 for investors all across the world. Some of the ETFs that will be available to trade include the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, and the SPDR Gold Shares (GLD). The stocks will be represented by real shares held by Backed Finance and can be redeemed 1:1 for their cash value. Kraken had announced the initial rollout of over 11,000 U.S.-listed stocks and ETFs in April, starting with 10 U.S. states and offered through Kraken Securities. This latest announcement expands Kraken's offering to include tokenized versions of over 50 stocks and ETFs to customers outside of the U.S., starting with Europe, Latin America, Africa and Asia. The move puts Kraken in direct competition to platforms like Robinhood (HOOD) and makes it the first exchange to successfully offer tokenized shares of major U.S. stocks. Binance attempted to launch tokenized U.S. stocks in 2021 but canceled their plans eventually due to regulatory uncertainty. A Kraken spokesperson told the Wall Street Journal that the exchange is 'actively working with various regulators' to ensure that xStocks can be offered legally in each jurisdiction as regulation varies. Tokenization, which turns real-world assets into blockchain tokens, has become the latest buzz word in crypto with more and more companies starting to enter the space. Some, including Ondo Finance, BlackRock and Franklin Templeton, have long been pioneers in the area, pushing their overall tokenization market to a $65 billion market cap as of May.
Yahoo
15-04-2025
- Business
- Yahoo
Crypto Exchange Kraken Now Offers Stock and ETF Trading
Cryptocurrency exchange Kraken has expanded beyond digital assets to offer U.S. stock and ETF trading, as the company seeks to venture outside of crypto markets. According to the company's Monday announcement, Kraken has begun rolling out commission-free trading for more than 11,000 listed stocks and ETFs to clients in select states, including New Jersey, Connecticut, Rhode Island and seven others. The company plans to eventually make the offering available to all eligible U.S. clients before expanding to Europe and Australia. This push into traditional markets shows how crypto exchanges are now directly challenging Wall Street firms, as the boundaries between digital assets and conventional investments continue to fade. The new offering may help clients to manage all their investments in one place. "Crypto isn't just evolving, it's becoming the backbone for trading across asset classes, such as equities, commodities, and currencies. As demand for 24/7 global access grows, clients want a seamless, all-in-one trading experience," Arjun Sethi, Kraken's co-CEO, said in the press release. Kraken's expansion follows a broader trend among U.S. crypto exchanges looking to diversify their offerings and compete with established platforms like Nasdaq and Robinhood. The new service allows Kraken users to manage stocks, crypto, cash and stablecoins in one place. The company will offer fractional trading on more than half of the newly listed assets, enabling traders to purchase portions of high-priced stocks. As Sethi explained in the company's blog, "Expanding into equities is a natural step for us, and paves the way for the tokenization of assets. The future of trading is borderless, always on and built on crypto rails." The equity trading service is powered by Kraken Securities, a FINRA-regulated division of the company dedicated to delivering equity trading services, according to Kraken's blog post. The timing aligns with shifting regulatory dynamics for crypto companies. Kraken recently announced a resolution with securities regulators, with the company stating in March that the Securities and Exchange Commission had agreed in principle to drop its lawsuit without penalties or business model changes. The stock trading expansion follows Kraken's business diversification efforts, which included its purchase of futures trading platform NinjaTrader for $1.5 billion last month, according to a company | © Copyright 2025 All rights reserved Sign in to access your portfolio
