The cryptocurrency exchange Kraken plans to offer tokenized U.S. stock trading options to non-U.S. customers, marking an important step in the company's strategy to provide more traditional assets through tokenization.
According to a statement obtained by Cointelegraph, these products will be offered through Kraken's new partner Backed. The tokens representing the stocks will be stored on the Solana blockchain, which was chosen for its "unmatched performance, low latency, and thriving global ecosystem."
"The core value of cryptocurrency is that we can transparently view various trading activities," said Kraken co-CEO Arjun Sethi at the Solana Accelerate event on May 22. "It is decentralized, it is open source. You can innovate at the fastest speed, and companies like ours are fully capable of transforming to adapt to this trend."
This strategic decision to incorporate more traditional investment options may indicate that Kraken is adjusting its market positioning, reducing direct competition with pure cryptocurrency exchanges like Coinbase, and instead challenging large brokerage service platforms like Robinhood that offer diversified investment products.
On April 14, Kraken officially opened its exchange-traded fund and stock trading services to U.S. customers located in New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama, and Washington D.C.
In 2021, the cryptocurrency exchange Binance launched a similar plan but was ultimately forced to cancel it due to compliance issues raised by regulators in multiple countries.
According to Sethi, Kraken is currently building "a set of microservices" aimed at expanding its product line for customers.
Tokenization of real-world assets (RWA) has become a hot topic in the cryptocurrency industry in recent months. The market value in this area has significantly increased from $15.9 billion on January 3 to $22.7 billion on May 20, a growth of 42.8% during that period.
In the current market landscape, tokenized private credit and U.S. Treasury bonds dominate, while stock assets account for only $373.4 million.
Robinhood is also actively advancing its tokenized stock business. According to its latest announcement, the brokerage is developing a blockchain platform specifically for securities tokenization, planning to provide European investors with access to investment channels for U.S.-listed companies.
The continued attention to RWA tokenization among brokers, exchanges, and financial institutions is primarily due to its multiple strategic advantages. First, it effectively reduces upfront operational costs by decreasing reliance on traditional financial infrastructure. Second, tokenization technology facilitates the democratization of investment, allowing ordinary retail investors to enter market areas previously only open to accredited investors.
Related: Lawyer: Dubai regulators clarify the rules for tokenization of real-world assets (RWA)
Original article: “Kraken to Offer Tokenized U.S. Stocks to Non-U.S. Clients”
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