Kraken launches commission-free US stock trading for European customers

On August 18, 2026, crypto exchange Kraken launched commission-free trading of over 7,000 U.S. stocks for eligible European Economic Area customers. The launch makes Kraken the first crypto-native platform to offer traditional equities alongside over 700 tokenized xStocks and 600 crypto assets in a single regulated account. Traditional shares are offered via a Cyprus-regulated MiFID entity, while tokenized xStocks operate under a Bermuda-licensed structure, reflecting a broader industry push toward financial 'super apps'.

Kraken EEA stock trading launch

• ▪Kraken's stock-trading service is accessible through the desktop and mobile versions of Kraken Pro as well as the standard Kraken mobile application.
• ▪Kraken launched commission-free trading of more than 7,000 U.S.-listed stocks for eligible customers across the European Economic Area on August 18, 2026.
• ▪Kraken's stock-trading service is available alongside more than 600 crypto assets and over 700 tokenized equity products known as xStocks within a single regulated account.
• ▪Kraken's tokenized equity products, known as xStocks, have generated more than $38 billion in cumulative transaction volume since their launch in June 2025.

Traditional equity structures

• ▪Traditional U.S. stock trading on Kraken is provided by Payward Europe Digital Solutions (CY) Limited, a Cyprus investment firm authorized under the EU's MiFID II framework.
• ▪Traditional shares operate through regulated brokerage infrastructure and generally follow established market hours, settlement processes, and shareholder protections.

Tokenized equity structures

• ▪Kraken's xStocks are issued by Jersey-based Backed Assets (JE) Limited and offered through Payward Digital Solutions Ltd., which is licensed by the Bermuda Monetary Authority.
• ▪Kraken agreed in 2025 to acquire Backed Finance, the company behind the tokenized-equity infrastructure used for xStocks.
• ▪Kraken's xStocks are blockchain-based tokens backed 1:1 by underlying equities, allowing transfers to compatible self-custody wallets and trading outside traditional U.S. market hours.

MiFID regulatory framework

• ▪Payward Europe Digital Solutions (CY) Limited is regulated by the Cyprus Securities and Exchange Commission under MiFID license number 342/17.
• ▪The European Securities and Markets Authority required unauthorized crypto asset service providers to begin orderly wind-downs after the MiCA transitional period ended July 1, 2026.

Crypto-TradFi platform convergence

• ▪Binance offers eligible non-U.S. customers access to more than 7,000 U.S. stocks and exchange-traded funds, alongside plans for tokenized equities called bStocks.
• ▪Coinbase has secured United Kingdom regulatory approval to offer traditional equities and derivatives alongside cryptocurrency holdings.
• ▪Crypto platforms including Coinbase, Crypto.com, and Robinhood are expanding into stock trading, while traditional platforms are adopting crypto practices to build financial 'super apps'.

4 sources