Kraken debuts tokenized stock trading for Apple, Tesla, and other major US equities

Kraken announced Monday it has officially launched xStocks, offering tokenized versions of 60 US stocks and ETFs, including Apple, Tesla, and Nvidia. The firm first introduced the offering in May.

With xStocks, Kraken aims to provide 24/7 access to global investors outside the US, reducing barriers to American equities. Each xStock will be backed by actual shares managed by Backed Finance, ensuring a 1:1 ratio of token to underlying asset.

The crypto exchange's new xStocks service brings traditional Wall Street assets onto blockchain technology, with plans to expand the offering further. The service is not available to US persons or within US jurisdictions, and additional geographic restrictions apply.

The initiative could address the high fees and accessibility issues faced by international investors, potentially making tokenized equities a major market force.

The launch comes as Kraken prepares to launch a public offering and expand its services beyond crypto.

Last week, Kraken introduced Krak, a global fiat and crypto payments app designed to challenge established players like Venmo, PayPal, and Cash App. Krak offers free local payments, zero-cost international transfers to over 160 countries, and allows users to earn rewards on token holdings.