The rollout builds on the exchange’s earlier launch in May and is powered by xStocks, a blockchain platform developed by Backed Finance.

The assets mirror the prices of real shares but trade entirely on-chain, bypassing Wall Street’s traditional infrastructure. Each token is backed by third-party issuers rather than the companies themselves, allowing investors to hold and move them within the crypto ecosystem.

The design also enables tokenized stocks to be used as collateral in decentralized finance platforms, expanding their utility beyond standard trading.

Kraken’s Co-CEO Arjun Sethi framed the move as a push to align ownership with value, criticizing how traditional markets allow institutions to capture benefits like staking or lending instead of passing them on to shareholders.

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The tokenized stock market is still small—valued at roughly $421 million—but competition is heating up. Robinhood introduced its own European offering earlier this year, which controversially included private firms like OpenAI. Kraken has taken a different path, focusing exclusively on established, publicly listed companies to avoid similar disputes.

By keeping the lineup tied to recognizable names, Kraken is betting that demand for around-the-clock equity exposure—and the ability to use stocks within crypto-native systems—will drive adoption in Europe’s growing digital asset market.

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