As traditional finance increasingly merges with blockchain technology, Kraken executives have stated that simply migrating traditional financial products to the blockchain does not solve the problem, nor is it the ultimate goal of tokenization.
Kraken's Global Head of Consumer Business, Mark Greenberg, told Cointelegraph in an interview that tokenized stocks must break through the limitations of merely replicating the Wall Street system on-chain. He pointed out that the way assets are acquired should achieve new breakthroughs in accessibility, programmability, and global coverage.
He noted that this presents an opportunity for a rethinking of global markets in terms of accessibility, programmability, and how users access traditional tools.
"Tokenized stocks cannot just be 'Wall Street on the blockchain'; that would defeat the purpose," Greenberg told Cointelegraph. He emphasized that stocks must provide an experience akin to the internet, meaning they should always be available, under user control, and globally accessible.
Greenberg stated that most traditional institutions underestimate the impact of this transformation. "This is not just about wrapping old assets in new technology," Greenberg pointed out to Cointelegraph. "The core is to make access to financial assets as fluid and programmable as cryptocurrencies."
He added that ordinary users should be able to access global markets in real-time and enjoy tools that were previously only available to hedge funds. For developers, tokenized stocks could serve as an application platform, similar to current stablecoins and DeFi protocols.
When discussing the role of regulation in tokenization, Greenberg told Cointelegraph that Kraken believes the future of capital markets lies in programmable and compliant open infrastructure.
On June 30, Kraken launched the xStocks product in collaboration with Backed Finance, allowing users to trade over 60 tokenized stocks.
Multiple decentralized finance (DeFi) protocols on Kraken, Bybit, and Solana have launched this product, enabling users to trade stocks like Netflix, Meta, and Coinbase.
"Through tokenized stocks like xStocks, we are building infrastructure that is permissionless and composable while ensuring that the assets themselves adhere to a clear legal framework," Greenberg told Cointelegraph.
He pointed out that this path allows users to gain the advantages of decentralization without losing the protective measures of regulatory compliance. "Regulation should continuously evolve to support this balance rather than suppress it," Greenberg added.
In addition to Kraken, the trading platform eToro also plans to launch tokenized stocks. However, unlike Kraken, which uses the Solana network, the company will tokenize 100 U.S. stocks on Ethereum.
Although companies are racing to promote stock tokenization, many in the Ethereum community are also collaborating with regulators to establish industry standards for tokenized securities.
On July 21, several Ethereum-related organizations met with the U.S. Securities and Exchange Commission (SEC) to discuss how to create standards that bridge blockchain technology with traditional regulatory requirements.
Related: BitMine's $1 billion buyback plan currently leans more towards stocks rather than more Ethereum (ETH)
Original article: “Kraken Executive: ‘Wall Street on the Blockchain’ is Not the Ultimate Goal of Tokenization”
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