As traditional finance continues to merge with blockchain technology, a Kraken executive believes that simply transferring conventional financial products onto the blockchain falls short of tokenization’s true potential.
Mark Greenberg, Global Head of Kraken’s Consumer Business Unit, told Cointelegraph that tokenized equities shouldn’t just mimic Wall Street systems on-chain. Instead, they should offer enhanced accessibility, programmability, and global usability.
He emphasized that this is a chance to fundamentally reimagine the structure of global markets—making them more open, automated, and user-centric.
“Tokenized equities can’t just be ‘Wall Street on a blockchain.’ That misses the point,” Greenberg said. “They need to feel like the internet—always available, self-directed, and accessible from anywhere in the world.”
Redesigning financial assets to match the flexibility of crypto
Greenberg believes many legacy institutions underestimate just how transformative tokenization can be. “This isn’t just about putting old assets on new rails,” he told Cointelegraph. “It’s about rebuilding financial access to be as seamless, programmable, and dynamic as crypto.”
He emphasized that retail investors should be able to access global markets in real time, using tools that were once only available to hedge funds. For developers, tokenized equities provide a foundation for innovation—similar to how stablecoins and DeFi protocols have enabled a wave of new applications.
When asked about the regulatory landscape, Greenberg said Kraken envisions the future of capital markets built on open, programmable, and compliant infrastructure.
On June 30, Kraken teamed up with Backed Finance to launch xStocks—a new product enabling users to trade over 60 tokenized equities.
xStocks, which includes popular shares like Netflix, Meta, and Coinbase, is available on Kraken, Bybit, and several DeFi platforms on the Solana blockchain.
“With xStocks, we’re laying the groundwork for systems that are permissionless and composable, while ensuring the underlying assets comply with legal standards,” Greenberg said. “This approach delivers decentralization without sacrificing the regulatory protections that matter. Regulation should evolve to support that balance—not shut it down.”
Stock tokenization on Ethereum
Beyond Kraken, trading platform eToro is also preparing to enter the tokenized stock market. Unlike Kraken, which operates on the Solana network, eToro plans to issue tokenized versions of 100 U.S. stocks on the Ethereum blockchain.
As competition grows among platforms to bring equities onchain, Ethereum-based groups are also engaging with regulators to shape the future of tokenized securities.
On July 21, several Ethereum-aligned organizations met with the U.S. Securities and Exchange Commission (SEC) to discuss developing standards that align blockchain technology with existing regulatory frameworks.
