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Kraken Debuts Tokenized Stock Trading for Apple, Tesla, and Other Major US Equities
In a groundbreaking move, Kraken has officially launched its tokenized stock trading service, xStocks, allowing users to buy and sell digital shares of 60 major US equities, including tech giants like Apple and Tesla. This innovative offering aims to provide global investors with 24/7 access to these popular stocks, circumventing traditional market hours.
The xStocks platform has been designed to offer a more accessible and cost-effective way for international investors to participate in the US stock market. With this service, users can now trade digital shares of companies like Alphabet (Google), Amazon, Facebook, Microsoft, Nvidia, and others – without being restricted by traditional market schedules or geographical limitations.
Each xStock will be backed by actual shares managed by Backed Finance, ensuring a 1:1 ratio with the underlying asset. This move marks a significant step towards democratizing access to the US equity markets and highlights Kraken’s commitment to innovation in the digital asset space.
Kraken has made it clear that this service is not available to US persons or within US jurisdictions, along with additional geographic restrictions applying. The exchange aims to expand its offering further, potentially making tokenized equities a major market force by addressing the high fees and accessibility issues faced by international investors.
This development comes as Kraken prepares for a public offering and expands its services beyond cryptocurrency. In related news, the company has introduced Krak, a new global fiat and crypto payments app designed to challenge established players like Venmo, PayPal, and Cash App.
Source: cryptobriefing.com
