Kraken Unleashes Tokenized U.S. Stocks on Global Markets!

Hang onto your hats, crypto fans! Kraken, the audacious exchange, is diving headfirst into the tokenization game with major U.S. stocks like Apple, Tesla, Nvidia, and the SPY ETF. Get ready for this wild ride to kick off in just a few weeks!

This isn't just a minor tweak; it's a full-on revolution for international users. Kraken's new "xStocks" product line is set to unleash over 50 tokenized stocks and ETFs, available 24/7. Say goodbye to the old ways and hello to non-stop trading!

These hot new tokenized shares will blaze a trail on the Solana blockchain, backed 1:1 by the real McCoy. That's right, every token you grab has a solid stock backing it up!

But who's holding the fort? Kraken's partner, Backed Finance, is on the case. They'll be snagging and safeguarding the actual shares, making sure your token prices stay in lockstep with market values. And if you need cash? No worries—the xStocks are fully redeemable!

International users

Hold up, U.S.-based users! This party's for everyone else. Kraken's aiming the xStocks at thrill-seekers in Europe, Latin America, Africa, and Asia. Why the snub? Blame it on those pesky regulatory restrictions.

But wait, there's more! These tokens won't be stuck in one place. You can jet them off to external wallets or even use them as collateral in the wild world of decentralized finance (DeFi).

“We’re smashing barriers for global investors,” declared Kraken co-CEO Arjun Sethi with a grin. He pointed out that overseas investors often get hit with sky-high fees and endless wait times when trying to tap into U.S. equities through local brokerages. Not anymore!

Now, tokenized stocks aren't brand new. Remember when Binance tried something similar back in 2021? Yeah, that fizzled out fast thanks to regulatory buzzkills. But Kraken's not sweating it—they're playing nice with regulators in every corner to keep the party going.

This bold move comes as big shots like BlackRock and Robinhood are also getting cozy with tokenization. Meanwhile, U.S. lawmakers and regulators are starting to rethink the rulebook for crypto-based financial products. It's a whole new world out there, and Kraken's leading the charge!