Kraken Launches US Stock Trading for EEA Customers via Unified MiFID II Platform

Kraken has launched US-listed stock trading for its customers across the European Economic Area, effectively bridging the gap between traditional equities and digital assets. By integrating thousands of regulated stocks alongside tokenized versions of the same assets, the firm is challenging the traditional silos that have long separated brokerage services from the crypto ecosystem.

What was announced

The new offering allows eligible investors in the European Economic Area (EEA) to access over 7,000 US-listed stocks through a single, unified multi-asset platform. This service is delivered via Payward Europe Digital Solutions (CY) Limited, an authorized MiFID II investment firm. The launch positions the company as the only crypto-native platform currently providing European customers with regulated access to both traditional US equities and tokenized versions of those assets in one environment.

A key component of this rollout is the side-by-side availability of traditional shares and xStocks. The latter are tokenized versions of US-listed equities that are fully collateralized and backed 1:1 by the underlying shares. To date, xStocks have surpassed $38 billion in total transaction volume. While traditional shares are subject to standard market hours and brokerage constraints, xStocks offer enhanced flexibility, allowing for transfer to self-custody wallets and integration into onchain applications.

The service is available on both mobile and web interfaces, enabling users to manage a portfolio consisting of 7,000+ stocks, 600+ crypto assets, and 700+ xStocks. For eligible customers, the trading of US-listed stocks within this regulated framework is offered commission-free, removing a significant barrier for European retail investors seeking exposure to American capital markets.

"This launch eliminates the artificial divide between traditional and tokenized formats of the same asset. With US-listed stocks and xStocks available side-by-side in a single regulated account, customers can choose how they access the same underlying exposure (whether through traditional shares or tokenized representation) without moving capital or changing platforms. That’s what modern investing should look like: one asset class, multiple formats, fully integrated."

Mark Greenberg, Chief Commercial Officer of Payward and Head of Payward Services.

The companies involved

Kraken is a prominent digital asset exchange that has expanded its reach into the regulated financial services sector. The stock trading service in Europe is facilitated by Payward Europe Digital Solutions (CY) Limited, which operates as an authorized MiFID investment firm. This regulatory status is critical for operating within the EEA, ensuring that the platform meets stringent European standards for investor protection and market integrity.

Payward is the broader corporate entity behind the Kraken brand. Mark Greenberg, who serves as the Chief Commercial Officer and Head of Payward Services & Banking, oversees the strategic direction of these integrated financial products. The company has evolved from a pure-play cryptocurrency exchange into a diversified financial technology provider, seeking to capture the growing demand for multi-asset portfolios. By leveraging its crypto-native infrastructure, Payward aims to modernize how traditional securities are held and traded, utilizing blockchain technology to provide 24/7 flexibility that traditional brokerage systems often lack.

What this means

This move is a direct shot across the bow of both traditional discount brokers and neo-brokers like Robinhood or Revolut. By offering 1:1 tokenized versions alongside actual shares, Kraken is betting that the future of finance is "infrastructure agnostic." The real value here isn't just the 7,000 stocks; it is the $38 billion proof-of-concept in xStocks, which allows investors to move their "equities" into the DeFi ecosystem or self-custody. This puts immense pressure on legacy platforms that keep assets locked in proprietary silos. Watch for whether competitors accelerate their own tokenization efforts to prevent a liquidity drain toward crypto-native platforms that now offer the same regulatory safety nets.