Kraken has introduced on-chain trading functionality via its mobile app, opening access to nearly 2,500 Solana-based tokens for users in over 100 countries, including the United States. Thanks to this new feature, users can buy and sell Solana tokens directly through the app without the need for an extra wallet. Kraken announced that all transactions will be routed through decentralized exchange (DEX) protocols on the Solana network.
Unified trading experience for centralized and on-chain assets
According to Kraken, users can conduct these trades using either US dollars or USDC. Assets managed on-chain will be displayed alongside balances held on the centralized exchange, giving users a single, unified portfolio within the app. This design aims to let users access Solana ecosystem tokens without installing new apps, setting up extra wallets, or managing additional technical steps.
The company stated it relies on Privy’s embedded wallet technology for this infrastructure. Privy provides solutions that allow wallet functionality to be seamlessly built into platforms, eliminating the need for separate extensions or third-party apps.
Mini glossary: An embedded wallet refers to a crypto wallet built directly into a platform, removing the need for a separate app or extension. This set-up allows users to interact with on-chain services more easily, without managing private keys or handling complex technical steps.
Many Solana tokens are only available on-chain and are not listed on major centralized exchanges. To trade these tokens, users typically have to set up a new wallet, manage seed phrases, move funds between networks, and keep track of transaction fees. Kraken’s new integration aims to significantly reduce these barriers by managing much of the technical complexity within the mobile app.
Kamo Asatryan, Chief Data Officer and Global Head of Consumer at Payward, stressed that trading crypto assets should feel straightforward for users, regardless of the technology behind it. He highlighted that technical hurdles like bridging, network fees, and other obstacles should not discourage users from accessing on-chain markets.
Transactions remain on-chain and user funds secure
Kraken clarified that in this model, the company does not hold users’ private keys or assets. All trades are executed using third-party DEX protocols. Kraken positions itself solely as an access platform in this process and does not directly control execution time, order prices, or trade settlements.
Risk warnings and plans for further expansion
The exchange prominently highlighted potential risks associated with the new service. Tokens accessible through the DEX integration have not been reviewed or approved by Kraken. Making these tokens available for trading does not constitute investment advice or endorsement.
Kraken also warned users about the high volatility of token prices, stating that it is possible for users to lose their entire investments. In addition, the company pointed out that this offering should not be considered a regulated financial product.
In a statement, Kraken emphasized that the app now gives access to more than 2,500 tokens not yet listed on major exchanges, all without extra wallets or seed phrases required.
Solana is the first network to be supported by this tap-and-trade service in the Kraken mobile app. Kraken said it plans to extend this feature to other blockchains in the future, though no specific networks or timelines have been announced yet.
This move comes at a time when demand for DEX access among centralized exchange users is on the rise. The development also signals intensifying competition with rivals like Coinbase, which are expanding similar on-chain and wallet services.
