Unchained How Kraken Plans to Dominate Tokenization and Perps in 2026 and Beyond - Ep. 932
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Oct 28, 2025 Arjun Sethi, Co-CEO of Kraken, discusses the exchange's strategic pivot from trading venue to multi-asset platform. He dives into Kraken's plans for tokenized equities with xStocks, revealing the new, regulation-friendly approach to tokenization. He also explains the purpose of the Ink layer-2 chain, designed to integrate regulated finance with DeFi. In light of the recent market crash, Sethi highlights Kraken’s commitment to customer trust and the vital role of their acquisitions, NinjaTrader and Small Exchange, in reshaping U.S. derivatives.
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Calm During The Crash
- During the Black Friday crash Kraken focused on operational discipline, liquidity, and client protection to keep systems resilient.
- Arjun Sethi said the team remained calm and supported ecosystem partners by offering help with capital and liquidity needs.
Why Co-CEOs Work At Kraken
- Kraken uses a co-CEO model to cover technology, markets, and policy with greater depth and 24/7 alignment.
- Sethi says shared channels and frequent joint decisions preserve velocity and cultural signal.
Prioritize Durable Derivatives
- Build regulated, durable derivatives infrastructure instead of chasing rapid growth via opaque incentives.
- Prioritize trust, deep liquidity, and transparent margining to attract institutional capital.