PANews reported on July 10 that according to The Block, the market share of cryptocurrency exchange Kraken has climbed from 19% at the beginning of the year to 29%, and the average monthly trading volume has remained stable at more than US$20 billion in the past five months. Recently, the exchange has launched a number of innovative products, including the Solana-based stock tokenization platform xStocks and the stablecoin payment platform Krak.

xStocks supports users to trade on-chain stock tokens around the clock, while Krak targets the P2P payment market of traditional payment platforms such as PayPal. These product expansions show that exchanges are competing for market share through business diversification, and their strategy of combining traditional finance with blockchain may have driven recent user growth.