Token expands definition of money: Kraken X
Blockchain tokenization is changing beyond cryptocurrencies like the US dollar by allowing users to store and instantly move any asset across platforms, says a Kraken executive.
“I think we're past the point where money just means fiat or your local currency,” Kraken's head of consumer Mark Greenberg told CNBC on Wednesday.
“You can save in Tesla xStock, you can save in Bitcoin, or – as a Canadian – you can save in US dollars, euros, euro-denominated stablecoins or even gold.
Kraken's xStocks crypto exchange is one of several token offerings to hit the market this year as it expands beyond offering crypto trading. Coinbase and Gemini have also started offering tokenized shares and have pushed bets through prediction markets as another offering to hook users.
Greenberg said that token shares on Kraken have attracted more than 80,000 wallets and seen nearly $14 billion in trading since it launched its offering in the second quarter of this year.
According to data from RWA.xyz, approximately $415 billion in real-world assets are tokenized on-chain. The Boston Consulting Group estimates that figure could rise to $16 trillion by 2030, while McKinsey & Company predicted a more conservative $2 trillion by the same time frame.
Tokenization is faster, more flexible than TradFi.
Greenberg says tokenization allows users to move assets between trading platforms more easily than ever before.
“If you are trading stocks here in Canada […] Transferring assets from one broker to another can sometimes take weeks or months. With crypto assets, if I want to transfer money from Coinbase to Kraken or vice versa, it can happen in seconds,” he said.
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Blockchain tokenization also allows for faster settlement of equity transactions, addressing the limitations of traditional securities infrastructure that has remained largely unchanged for more than 50 years, Greenberg said.
Crypto doubles down on tokenization
Robinhood is one of the financial platforms that are pursuing a token offering.
Robinhood is primarily focused on promoting private equity startups like OpenAI and SpaceX, while Coinbase is building a real-world asset token platform for institutions as part of its mission to build an “everything app.”
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