Cryptocurrency exchange Kraken is expanding its tokenized stock offerings to include equities from the United Kingdom and several Asian jurisdictions.
The company said that it plans to add tokenized versions of stocks from the U.K., Hong Kong, and South Korea to its xStocks platform, subject to regulatory approvals.
Tokenized stocks are digital representations of equities that are blockchain-based and provide ownership of or price exposure to traditional company shares.
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Kraken said that it also plans to expand xStocks beyond equities into other tokenized asset classes such as bonds and exchange-traded funds (ETFs).
The move by Kraken comes as competition in tokenized equities intensifies, with crypto firms and Wall Street institutions racing to bring stock trading onchain.
Earlier in July, Robinhood Markets (NASDAQ: $HOOD) expanded its tokenized stock offerings, and Coinbase Global (NASDAQ: $COIN) is also planning to offer tokenized stocks.
Advocates say that tokenized stocks offer faster settlement and around-the-clock trading to investors, providing more efficient movement of assets.
Citigroup (NYSE: $C) has estimated that tokenized securities could grow into a $5.5 trillion U.S. market by 2030, including $2.6 trillion U.S. in tokenized stocks.
Kraken is privately held and its stock does not trade on a public exchange.
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