CoinDesk
Kraken is rolling out direct trading in more than 7,000 U.S.-listed stocks to customers across the European Economic Area, while offering tokenized versions of some of the same shares. The exchange says the rollout makes it the first crypto company to give European customers both formats, and the only crypto-native exchange to do so on one regulated platform. Mark Greenberg, chief commercial officer of parent Payward, said customers can choose how to access the same underlying exposure without moving capital or changing platforms.
Why it matters
Kraken is moving into territory held by Interactive Brokers and eToro, while competing with Crypto.com, Robinhood and Bitpanda in Europe. Coinbase has secured U.K. regulatory approval to offer equities and derivatives alongside crypto, and its U.S. customers already have stock and exchange-traded fund trading.
The expansion reflects demand for fewer financial apps. Coinbase U.K. CEO Keith Grose said users are moving from separate apps for each asset class toward one or two major platforms for most of their financial lives.
Market impact
The competitive signal extends beyond one product launch. As stock exchanges from London to New York pursue 24/7 trading and blockchain-based settlement, crypto platforms are adding traditional equities and positioning themselves as broader financial hubs.
OKX Europe CEO Erald Ghoos described the direction as a race to combine crypto, tokenized stocks and traditional stocks in one platform. The stated goal is to keep more financial activity in one place, not just add another trading feature. For investors, Kraken's dual-format offering makes the choice of asset access part of the competition, not just the choice of venue.
Frequently asked questions
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What distinguishes Kraken's European stock offering from other crypto platforms?
Kraken says it is the only crypto-native exchange offering both traditional equities and tokenized versions of some of the same shares on one regulated platform.
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Which traditional broker competitors does Kraken face in Europe?
The launch puts Kraken in competition with Interactive Brokers and eToro, as well as Crypto.com, Robinhood and Bitpanda.
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Why are exchanges pursuing financial super apps?
Executives cited user demand for fewer financial apps. Coinbase U.K. CEO Keith Grose said users increasingly want one or two platforms for most of their financial lives.
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How are stock markets and crypto platforms converging?
Stock exchanges are moving toward 24/7 trading and blockchain-based settlement, while crypto platforms are adding traditional equities to their services.
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What choice will Kraken customers have for some shares?
Customers can access the same underlying exposure through a traditional or tokenized format without moving capital or changing platforms.
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