Shocking News: Kraken’s Tokenized Stocks Will Make You Rich or Cry Trying! 💸😂

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What to know:

  • Well, folks, Kraken is throwing open the doors to a 24/7 global trading bonanza of tokenized shares in over 50 U.S. stocks and ETFs, including the likes of Nvidia, Tesla, and that SPY fella.
  • These fancy xStocks tokens, birthed on the Solana blockchain, are as real as your Aunt Mabel’s tales of her youth and can be redeemed 1:1 for cash—no funny business here!
  • In a twist of fate, Kraken has become the first exchange to successfully launch tokenized U.S. equities, leaving Binance‘s 2021 attempt in the dust like a forgotten pair of old shoes.

According to the Wall Street Journal, Kraken is fixin’ to list tokenized shares of Nvidia, Apple, Tesla, and a whole heap of other U.S. stocks and ETFs. It’s like a stock market buffet, and you’re invited!

These tokens, known as “xStocks,” will be available for trading around the clock, so you can buy and sell while the world sleeps—just like a raccoon rummaging through your trash at midnight.

Some of the ETFs on the menu include the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, and the SPDR Gold Shares (GLD). It’s like a treasure hunt, but with less digging and more clicking!

Now, these stocks are backed by real shares held by Backed Finance, and you can redeem them for their cash value—no need to barter with chickens or old coins.

Back in April, Kraken announced a grand rollout of over 11,000 U.S.-listed stocks and ETFs, starting with 10 U.S. states, all thanks to Kraken Securities. It’s like they’re opening a new frontier in the wild west of finance!

This latest announcement expands Kraken’s offerings to include tokenized versions of over 50 stocks and ETFs for customers outside the U.S., starting with Europe, Latin America, Africa, and Asia. It’s a global party, and everyone’s invited!

Now, this move puts Kraken toe-to-toe with platforms like Robinhood (HOOD), making it the first exchange to successfully offer tokenized shares of major U.S. stocks. Binance tried to jump on this bandwagon in 2021 but ended up hitting a regulatory pothole.

A Kraken spokesperson told the Wall Street Journal that they’re “actively working with various regulators” to ensure that xStocks can be offered legally in each jurisdiction. It’s like trying to dance at a wedding while avoiding the in-laws!

Tokenization, which turns real-world assets into blockchain tokens, has become the latest buzzword in crypto, with more companies entering the fray. Some, like Ondo Finance, BlackRock, and Franklin Templeton, have been pioneers in this wild west, pushing their overall tokenization market to a whopping $65 billion market cap as of May. Now that’s a number that’ll make your head spin!

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2025-05-22 20:09