Kraken launches tokenized securities trading in Europe with xStocks
Kraken has rolled out Backed’s xStocks in Europe, giving investors access to tokenized U.S. equities on-chain. The move makes Kraken the latest major platform to push tokenized securities, following Gemini and Robinhood.
- Kraken expands xStocks tokenized equities to EU investors.
- Built on Solana, xStocks offers 24/5 access to U.S. stock exposure.
- Assets can be self-custodied or moved across compatible platforms.
- Nasdaq has also filed to enter the tokenized securities market.
- Kraken positions xStocks as interoperable and permissionless, in contrast to Nasdaq’s KYC-only approach.
After teasing the launch in May, Kraken has now officially brought tokenized securities trading to the European Union through Backed’s xStocks. With the product, investors can trade tokenized certificates mirroring popular U.S. equities — without relying on traditional brokers.
The offering gives users access to extended trading hours, alongside the flexibility to self-custody or transfer their holdings across other compatible platforms. Kraken framed the move as part of its growth strategy in Europe, with global head of consumer Mark Greenberg calling the expansion a “natural next step.”
The launch comes amid growing momentum for tokenized stocks. Rival platforms Gemini and Robinhood already provide similar products in Europe, while Nasdaq recently filed with U.S. regulators to enter the sector. Nasdaq argued that tokenized securities should be listed on established exchanges, but Greenberg countered that Kraken’s permissionless model is better aligned with the Web3 ethos.
“With xStocks, assets aren’t trapped inside one exchange or wallet. They move as freely as crypto itself,” Greenberg said, adding that the real breakthrough is interoperability rather than closed systems.
Final Thought
Kraken’s European xStocks rollout shows how the battle for tokenized securities is heating up. With Nasdaq moving in and crypto-native players doubling down, the question isn’t if tokenized stocks go mainstream – but which model wins out: walled-off TradFi or open Web3 rails.
