Kraken plans to list more than 50 other US stocks and tokenized stocks in Exchange-Traded Funds (ETFs).
Tokens deployed in Solana
Sol$178.81
known as “Xstocks,” it will allow you to trade with investors around the world 24/7. Some of the tradable ETFs include the SPDR S&P 500 ETF (SPY) and SPDR Gold Stock (GLD) that track the S&P 500 index.
Stocks are represented as actual stocks held by financial backing and can be redeemed 1:1 for cash value.
Kraken announced its first rollout of over 11,000 US list stocks and ETFs, starting in April in 10 US states, provided through Kraken Securities.
With this latest announcement, Kraken’s offer will expand to include more than 50 shares and tokenized versions of ETFs to non-US customers starting from Europe, Latin America, Africa and Asia.
The move will mark Kraken’s first exchange to compete directly with platforms such as Robinhood (Hood) and successfully provide tokenized shares of major US stocks. Binance tried to launch tokenized US stocks in 2021, but ultimately cancelled plans due to regulatory uncertainty.
A Kraken spokesperson told the Wall Street Journal that the exchange “is actively working with various regulatory authorities” to ensure that Xstocks can be legally provided in each jurisdiction due to the different regulations.
Tokenization that turns real-world assets into blockchain tokens has become Crypto’s latest talk, and more and more companies are beginning to enter the space. Some people, including Ondo Finance, BlackRock and Franklin Templeton, have long been pioneers in the region, pushing the overall tokenization market to a market capitalization of $65 billion as of May.
