Kraken Solana on-chain trading has just launched. The leading crypto exchange has rolled out a new feature that allows customers to trade Solana tokens directly within its app.
This move expands Kraken’s US and global foothold. However, despite the update, SOL price has extended its losses today. Consequently, this comes as the broader crypto market faces immense selling pressure, with the overall market cap falling nearly 4.5% to $2.16 trillion.
How Kraken Solana on-chain trading works
The latest rollout marks a significant shift in how users interact with blockchain assets. Specifically, 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. Meanwhile, this update removes several technical hurdles. For example, 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. Therefore, users can trade using USD or USDC without leaving the platform.
According to Kraken’s Chief Data Officer, Kamo Asatryan, the goal is to make advanced crypto tools easier to use. He 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. Nevertheless, the company also confirmed expanding support for other networks in the near future. This would aid investors in trading tokens from other ecosystems.
At the time of writing, Solana price was down nearly 8% to $68.49. This suggests the waning risk‑bet appetite of traders. In addition, it comes in tandem with a broader crypto market crash, with BTC falling over $62,235 before going back to $62,751.
Kraken’s recent moves
Kraken has continued to make headlines with its new offerings and moves in the digital assets space. For instance, the exchange opened regulated margin trading in May, which has gained notable traction from traders. Furthermore, earlier this month, Kraken joined other organizations to urge the Senate to pass the long‑awaited CLARITY Act.
