Kraken says tokenized equities trading surpasses $5 billion as revenues double
Kraken's tokenized equities trading, xStocks, exceeded $5 billion in volume while the exchange's Q3 revenues more than doubled year-over-year.Summary
Cryptocurrency exchange Kraken announced that its tokenized equities offering, xStocks, launched in partnership with Backed, has surpassed $5 billion in combined CEX and DEX trading volume. This trading generated over $1 billion in on-chain transactions and reached more than 37,000 unique holders. Tokenized equities are seen as a major growth area, allowing non-U.S. investors to trade traditional equities 24/7. The platform, now available in over 160 countries through partnerships with entities like Bybit and OKX Wallet, expanded to Europe last month. This data was released alongside Kraken's third-quarter earnings, which showed revenue hitting a record $648 million, more than double the $303.5 million from the previous year. Furthermore, adjusted EBITDA jumped significantly to $178.6 million from a $6.8 million loss a year prior, and transaction volume increased 23% quarter-over-quarter to $561.9 billion.
(Source：The Block)