Kraken's Big Move: Bringing Tokenized Stocks to the Masses

Kraken, a major crypto exchange, has acquired Backed Finance, the creator of xStocks, which transforms traditional stocks into digital tokens. This move aims to popularize tokenized stocks further.

Expanding Tokenized Stocks Globally

Kraken plans to integrate xStocks into its global money app, making it easier for users to buy, sell, and hold tokenized stocks. The exchange also intends to support more blockchains and markets.

xStocks: Rapid Growth and High Trading Volume

• 60+ tokenized products available
• $10 billion+ in trading volume since launch this year
• 24/7 trading on Solana and Ethereum blockchains
• Cross-network usability

Kraken’s Strategic Moves in 2024

• Acquired NinjaTrader, Breakout, and Small Exchange
• Filed for a US IPO

Tokenized Stocks Gain Traction

• Launched on Bybit, Kraken, and Solana-based DeFi platforms in June
• Robinhood introduced tokenized stock trading for European users

Market Data on Tokenized Assets

• Robinhood: 943 tokenized stocks and ETFs, valued at $10.8 million
• RWA.xyz: Tracks $656 million in regulated tokenized public stocks
• Monthly transfer volume: $1.14 billion

A Major Step for Tokenized Investing

Kraken’s acquisition of Backed Finance signals the growing importance of tokenized stocks. This could make stock investing more accessible worldwide.