TL;DR
- xStocks are tokenized U.S. equities, backed 1:1 by the underlying stock, available to partners through Kraken’s existing spot and futures APIs.
- Partners can offer spot trading and perpetual futures (up to 20x leverage) on names like Apple, Nvidia, Tesla, SPYx, and QQQx, alongside crypto, with no new infrastructure or accounts required.
- The Kraken API Partner Program pays lifetime commissions that scale as partner trading volume grows across crypto and tokenized equities.
The lines between crypto and traditional markets have been blurring for some time: Bitcoin ETF inflows, institutional desks trading both asset classes, a generation of traders who move fluidly between equities and crypto without thinking twice.
If you are running a trading terminal or platform providing advanced order management, analytics tools, and multi-venue portfolio monitoring, the traders in your ecosystem are already feeling this.
They want exposure to Apple and Nvidia alongside BTC and ETH. They want to hedge a crypto position against a macro view on equities. They want to do all of it in one place, without switching platforms or maintaining separate accounts.
Most platforms cannot give them that today. That is the gap xStocks address.
Tokenized U.S. equities built for always-on crypto trading
xStocks are tokenized representations of U.S. stocks and ETFs, backed 1:1 by the underlying equity.
Partners can offer spot trading and perpetual futures with up to 20x leverage across tokenized equity markets, including major indices, gold-backed ETFs, and individual names such as Apple, Nvidia, Tesla, SPYx, and QQQx.
For traders, that means they can manage crypto and tokenized equity exposure from the same account, through the same interface, using the same execution logic. No new accounts. No added friction. No reason to look elsewhere.
Every asset class you can’t offer is a reason for traders to leave
The trading terminals and platforms that retain sophisticated traders over the long term are not necessarily the ones with the most features. They are the ones that keep expanding what their users can access without requiring them to go somewhere else to do it.
Every asset class you cannot offer is a reason for an engaged user to open an account on another venue. Once that happens, the relationship starts to fragment. The products with the strongest retention are the ones that have positioned themselves as the primary venue for everything their users need to trade.
If you’re already connected to Kraken APIs, you’re closer than you think
xStocks are available through Kraken’s spot and futures APIs, so partners can expand from crypto into tokenized equities without building separate infrastructure or managing additional platform relationships.
The Kraken API Partner Program gives partners a way to offer crypto and xStocks spot and futures trading through Kraken API integrations, with lifetime commissions reflecting the enhanced connectivity and added-value tools your platform delivers to users.
As your users trade tokenized equities alongside crypto, that activity contributes to your commission tier.
Note: U.S. CME futures are not included
Most platforms haven’t moved on this yet
Most platforms have not moved on this yet. The traders who want multi-asset access are already out there: they are just working around the limitations of the tools they currently use.
xStocks through Kraken APIs makes it straightforward to close that gap. The Kraken API Partner Program is open to trading terminals and platforms providing advanced order management, analytics tools, and multi-venue portfolio monitoring. If expanding your platform’s market access is on your roadmap, it is worth a look.
Geographic restrictions apply.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any cryptoasset or to engage in any specific trading strategy. Kraken makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Kraken does not and will not work to increase or decrease the price of any particular cryptoasset it makes available. Some crypto products and markets are regulated and others are unregulated; regardless, Kraken may or may not be required to be registered or otherwise authorized to provide specific products and services in each market, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. Geographic restrictions may apply. See Legal Disclosures for each jurisdiction here.
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not, nor will they be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice. Individual investors should seek professional independent advice as to the suitability of any investment, including potential tax treatment. Investing in xStocks involves an element of risk. Past performance does not indicate future results. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.
xStocks Perps are offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. Neither this product nor xStocks are or will be registered with any local securities regulators. Trading derivatives involves a high level of risk and may not be suitable for all investors. You may lose more than your initial investment. This is not investment advice. Not available in the U.S. and other geographic restrictions apply.
For the full terms and conditions, please refer to Kraken’s Terms of Service.
