September 15, 2025 – U.S.-based crypto exchange Kraken has launched tokenized securities trading in Europe, rolling out Backed’s xStocks platform to eligible investors across the region. The move makes Kraken the latest major platform to offer tokenized stocks in Europe, following similar launches by Gemini and Robinhood.
The launch follows an initial rollout earlier this year, with the global version of xStocks made available to over 140 countries in June—excluding the U.S., U.K., Canada, Australia, and EU countries. With this new expansion, Kraken now brings tokenized equity access to European users as part of its broader push into digital asset innovation.
What Are xStocks?
xStocks are tokenized certificates that track the value of popular U.S. equities, offering users 24/5 access to stock-like trading outside of traditional market hours. The assets can be self-custodied, transferred across compatible platforms, and held independently from third-party brokers or intermediaries.
“Expanding xStocks to the European Union was a natural next step for Kraken, given our strong market presence and long-term strategy here,” said Mark Greenberg, Kraken’s Global Head of Consumer.
“For too long, gaining exposure to U.S. markets has been unnecessarily difficult. xStocks removes many of those barriers.”
Kraken Joins Europe’s Tokenized Securities Race
Kraken’s launch comes as tokenized securities continue gaining momentum in Europe. Competitors like Gemini and Robinhood already offer similar services in the region, and interest from major traditional financial institutions is growing.
Earlier this week, Nasdaq filed a proposal with U.S. regulators seeking approval to list tokenized securities on its platform. The exchange emphasized that such products should be offered through regulated, centralized platforms, warning against what it called ”siloed trading venues” gaining popularity overseas.
Kraken Responds to Nasdaq: “Web3 Is Open”
In response to Nasdaq’s move, Kraken’s Greenberg emphasized the benefits of open, decentralized infrastructure:
“There will be space for walled, KYC-only models like what Nasdaq is exploring, but the real innovation is happening in permissionless, interoperable platforms like xStocks,” he said.
“Assets on xStocks aren’t locked inside a single exchange or blockchain. They move freely, just like any crypto asset. That openness is what Web3 is all about—reducing friction, increasing transparency, and making markets more accessible.”
Backed: Institutional Interest Is Growing
Yehonatan Goldman, co-founder of Backed, echoed that sentiment, calling Nasdaq’s recent filing a milestone moment for the industry.
“This is a powerful signal that institutional players are recognizing the future of finance lies in tokenized assets,” Goldman said.
“It validates our approach and highlights the massive market potential ahead.”
What’s Next for Tokenized Assets?
Kraken’s move further solidifies Europe’s position as a leader in tokenized finance. As regulatory clarity improves and more traditional players enter the space, platforms like xStocks may help redefine how investors access global markets—merging the flexibility of crypto with the familiarity of traditional stocks.
Featured image from: cointelegraph.com