Kraken partners with Trust Wallet to drive adoption of xStocks

Kraken and Backed announced a partnership with Trust Wallet that will enable customers to withdraw xStocks directly from exchanges to their crypto wallets.

Kraken partners with Trust Wallet to boost tokenized equity trading

Crypto exchange Kraken has partnered with Trust Wallet to expand the reach of its xStocks to more users, a statement on Friday reveals.

The firm aims to reach over 200 million users globally by extending xStocks to Trust Wallet, enabling customers to trade tokenized equities offered by Backed, a provider of collateralized on-chain assets.

"Bringing xStocks to Trust Wallet places open and interoperable tokenized equities directly into the hands of millions, alongside the crypto, stablecoins and DeFi assets they already use every day," said Arjun Sethi, Kraken co-CEO. "We're accelerating the move to a future where global markets operate without borders, without barriers, and with the same openness and accessibility as the internet itself."

The partnership will allow Trust Wallet users to purchase 60 different xStocks directly using local fiat currencies. Users will also be able to deposit and withdraw xStocks through major exchanges and across multiple blockchains, including Ethereum, Solana, BNB Chain, and TRON.

"This collaboration brings tokenized equities directly into the hands of millions, no brokerage account needed," said Eowyn Chen, CEO of Trust Wallet.

Kraken launched xStocks in June and has since seen the product surpass $4 billion in combined CEX and DEX trading volume. The exchange offers 60 tokenized assets, including stocks of well-known companies such as Tesla (TSLAx), Apple (AAPLx), and GameStop (GMEx).

The collaboration highlights the growing market demand for tokenized stocks, fueled by the development of crypto regulations and an increase in institutional adoption of digital assets.

Several firms have indicated interest in real-world asset (RWA) tokenization in the past few months, including Nasdaq and Coinbase, which have filed with the SEC to launch trading of tokenized securities on their respective platforms.