US EditionKraken to Allow Trading in Apple, Tesla and Nvidia Shares as Digital Tokens, WSJ Reports
- Kraken announced on Thursday that it will allow customers outside the U.S. To trade tokenized shares of Apple, Tesla, Nvidia, and over 50 other stocks and ETFs through a product called xStocks.
- This step comes as part of Kraken’s ongoing strategy to broaden its cryptocurrency services amid evolving regulatory landscapes and following prolonged legal disputes with U.S. Regulatory authorities overseeing securities.
- Kraken partners with Backed Finance to issue tokens backed 1:1 by real shares held by Backed, enabling 24/7 trading on the Solana blockchain in regions including Europe, Latin America, Africa, and Asia.
- A Kraken representative stated that the platform is collaborating with multiple regulatory bodies to guarantee that xStocks can be legally offered in different regions, allowing users to speculate on stocks without holding voting rights or receiving dividends.
- By offering tokenized stocks internationally with instant settlement and round-the-clock access, Kraken aims to simplify global access to U.S. Equities and challenges traditional brokerage limitations.
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