Kraken plans to list tokenized shares in Nvidia, Apple, Tesla and over 50 other US shares and stock -traded funds (ETFs), reported the Wall Street Journal.
Tokens that were deployed at Solana
will be known by the name “Xstocks” and will be available for trade 24/7 for investors around the world. Some of the ETFs that will be available for trading include SPDR S&P 500 ETF (SPY) that track the S&P 500 index and the SPDR Gold shares (GLD).
The shares will be represented by real shares contained by supported financing and can be redeemed 1: 1 for their cash value.
The Kraken had announced the initial roll -out of over 11,000 US listed shares and ETFs in April, starting with 10 US states and offered through Kraken Securities.
This latest message extends Kraken’s offer to include tokenized versions of over 50 shares and ETFs to customers outside the US, starting with Europe, Latin America, Africa and Asia.
The move puts Kraken in direct competition for platforms like Robinhood (Hood) and makes it the first exchange that successfully offers tokenized shares in larger US stocks. Binance tried to launch tokenized US shares in 2021, but canceled their plans eventually due to regulatory uncertainty.
A spokesman for Kraken told the Wall Street Journal that the stock exchange is “actively working with different regulators” to ensure that Xstocks can be legally offered in each jurisdiction when the regulation varies.
Tokenization, which transforms assets in the real world into blockchain tokens, has become the latest hum in crypto and more and more companies beginning to enter the room. Some, including Ondo Finance, Blackrock and Franklin Templeton, have long been pioneers in the area and pushed their total tokenization market to a market capital of $ 65 billion from May.
