Kraken Rolls Out On-Chain Trading for Solana Tokens, but SOL Extends Losses

The leading crypto exchange, Kraken, has expanded its US and global foothold with a new offering that is gaining notable traction. Notably, the exchange has rolled out on-chain trading for its customers for Solana tokens, including those that are not yet listed on any centralized exchanges.

However, despite the update, the SOL price has extended its losses today. This comes as the broader crypto market faces immense selling pressure, with the overall market cap falling nearly 4.5% to $2.16 trillion at the time of writing.

Kraken Launches On-Chain Trading for Solana Tokens

The latest rollout by Kraken marks a significant shift in how users interact with blockchain assets. The crypto exchange now allows customers to trade over 2,500 Solana-based tokens directly within its app.

Notably, many of these tokens are not listed on traditional centralized exchanges, the exchange added. Meanwhile, this update removes several technical hurdles.

For context, users no longer need separate wallets or complicated setups. They can avoid managing seed phrases or switching between multiple platforms. Instead, Kraken integrates these features into a single interface.

The company highlighted that this feature is available across the United States and more than 100 countries. Users can trade using USD or USDC without leaving the platform.

According to the Chief Data Officer of Kraken, Kamo Asatryan, the goal is to make advanced crypto tools easier to use. The senior executive explained that the firm wants to remove the fear around complex processes like gas fees and bridging assets.

SOL Price Continues to Stay in Red

SOL price has continued to struggle despite Kraken launching on-chain token trading within the Solana ecosystem. However, it also confirmed expanding support for other networks in the near future, which would aid investors in trading tokens from other ecosystems.

At the time of writing, Solana price was down nearly 8% to $68.61, suggesting the waning risk-bet appetite of traders. In addition, it also comes in tandem with a broader crypto market crash, with BTC falling over 5% to $62,440.

Meanwhile, Kraken has continued to make headlines with its new offerings and move in the digital assets space in recent days. For context, the exchange opened regulated margin trading in May, which has gained notable traction from traders. Besides, earlier this month, Kraken joined other organizations to urge the Senate to pass the long-awaited CLARITY ACT.