The odds for Coinbase and Kraken to get a broker-dealer license to offer tokenized stocks just spiked. Tokenized stock trading platform Dinari becomes the first firm to secure a broker-dealer license from regulators to offer tokenized securities in the United States.
San Francisco, California-based firm stated that it will activate the licensed entity during the next quarter, following completion of onboarding with the Securities and Exchange Commission (SEC), reported Reuters.
“For me, the end game is how can we elevate the entire financial system, which means not just a broker-dealer that’s on chain, but an exchange that’s on chain,” said Gabriel Otte, the co-founder and CEO of Dinari.
In May, Kraken announced plans to offer tokenized versions of more than 50 stocks and ETFs — including Apple, Tesla, Nvidia and SPDR S&P 500 ETF (SPY). Kraken will use Backed’s new xStocks to offer tokenized stocks on the Solana blockchain in jurisdictions outside the United States.
On June 17, Coinbase announced seeking approval from the U.S. SEC to offer tokenized equities to users. Tokenized stocks are digital versions of regular company shares. Rather than holding ordinary stock, investors would hold virtual tokens representing company shares.
Notably, Dinari’s tokenized equities — called dShares — are already available via decentralized finance platforms like Coinbase’s Base blockchain network. However, it’s only for users outside the U.S.
This makes Coinbase and Kraken the next in line to receive approval to offer tokenized stocks in the United States.
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