Cryptocurrency exchange Kraken now allows European users to trade tokenized versions of popular U.S. stocks and exchange-traded funds (ETFs) directly via the Kraken app. This update aims to provide enhanced access to the U.S. equity markets for investors in the European Union.

The xStocks, created in collaboration with Swiss Fintech company Backed, enable blockchain-backed ownership of these equities, breaking away from traditional brokerage methods. Investors are able to manage their assets directly, significantly simplifying the process of engaging with the U.S. stock market.

Key Points:

• Kraken’s xStocks offering is now available in the European Union, allowing seamless trading of tokenized U.S. equities.
• The infrastructure, built on the Solana blockchain, aims to integrate more blockchains to enrich participation in the decentralized finance (DeFi) landscape.
• According to industry reports, the global tokenized asset market is projected to soar to trillions of dollars by the 2030s.

Mark Greenberg, Kraken’s Global Head of Consumer, stated:

“Expanding xStocks to the European Union was a natural next step for Kraken, given our dedicated growth strategy and market presence here. For too long, it’s been unnecessarily challenging to gain exposure to U.S. markets, and with xStocks we’re removing many of the barriers.”
(Translation: Marks has announced that the expansion of xStocks to the EU will simplify access to U.S. markets).