01 /
Brief
Major exchange running the largest tokenized equity platform (xStocks, $25B+ volume since June 2025). Owns Backed Finance issuer plus Kraken Securities LLC (SEC broker-dealer). First digital asset bank with a Federal Reserve master account (March 2026).
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Equities, Commodities
- Regulatory
- sec-reg-d, fca-sandbox
- Analytics
- defillama.com/protocol/kraken
03 /
Milestones
How this player got here.
- Mar 2026First crypto firm with Federal Reserve master account
- Jun 2025xStocks tokenized equity platform launched
- Jan 2025RWA trading pairs added
- Jun 2024Institutional custody expansion
04 /
Connections
Who they build with, build on, integrate with.
Flow
Capital, products, and distribution moving outward.
Dependency
Where this player builds on, integrates, or relies on others.
