Cryptocurrency exchange Kraken has launched on-chain trading for Solana-based tokens directly within its main mobile app, giving users in the United States and over 100 other countries access to nearly 2,500 tokens that are not yet listed on centralized exchanges. The feature, announced on June 18, 2026, allows traders to buy and sell these assets using USD or USDC balances, with on-chain holdings displayed alongside existing exchange portfolios in a single view.
The integration uses embedded wallet infrastructure from Privy and routes trades through leading Solana decentralized exchange protocols. This eliminates the need for users to manage separate wallets, seed phrases, bridges, or gas fees — a barrier that has historically prevented many retail traders from accessing early-stage token markets. Kraken emphasized that it does not hold users’ private keys or the assets themselves; transactions are executed via third-party DEX protocols, and the exchange acts solely as a platform without control over execution, order fill timing, or price.
Kraken described the launch as part of its “DeFi mullet” strategy — a clean, centralized front-end powered by decentralized infrastructure. “Buying, holding, and selling crypto should feel simple, even when the technology behind it is powerful,” said Kamo Asatryan, Chief Data Officer of Payward and Global Head of Consumer. “No one should feel intimidated by bridges, gas fees, or other technical barriers to using on-chain markets.”
The move positions Kraken alongside competitors like Coinbase, which has integrated DEX trading into its platform through aggregators and supports token discovery on Base and Solana. It also reflects a broader industry shift: centralized exchanges are racing to capture demand for newer tokens while keeping users inside their own ecosystems. Although DEX-to-CEX spot trading ratio has dipped to around 13.25% from its mid-2025 peak of 21.75%, the strategic pressure remains significant — DEXs often list assets earlier and serve active on-chain communities.
Kraken plans to expand the on-chain trading feature to additional blockchains over time, though no specific chains or timeline were provided. The company’s parent, Payward, confidentially filed for an IPO late in 2025 and is reportedly about 80% ready to go public, with product expansion into DeFi helping to differentiate its offering.
