Leap launches iOS trading app with limits on tokenized assets

Leap, a Solana Labs business, launched its trading beta on iOS on November 5, 2026, combining crypto and tokenized assets with onchain swaps and portfolio tracking. The app is available through public TestFlight for iPhone users, with Android support still in development. The Dialect team, acquired earlier this year to build the business, developed the app, leveraging their prior work on Solana Actions and Binks.

The app integrates market research directly onto price charts when news breaks. Leap describes trading access across tokenized stocks, ETFs, commodities, currencies and Solana tokens, though restrictions apply both to user eligibility and which instruments can be traded. Despite its broad availability through TestFlight, the app imposes significant limitations on tokenized securities across multiple jurisdictions.

Geographic restrictions on tokenized assets

Leap's asset disclosures reveal that tokenized securities are unavailable in Australia, Canada, China, Hong Kong, Japan, Singapore, Switzerland, the United Arab Emirates, the United Kingdom, the United States, and all countries in the European Economic Area. They are also unavailable where Leap cannot determine a user's location, with individual issuers potentially imposing further restrictions. The app explicitly prohibits using VPNs or other methods to bypass geographic controls.

The launch release specifically excludes United States persons from tokenized stocks and ETFs, while stating the app is not for United Kingdom users. These eligibility limits apply despite the app's public TestFlight availability. Third parties issue these instruments, which are designed to follow underlying asset prices but provide no ownership rights, voting power, dividends, or shareholder benefits to users.

Infrastructure and custody limitations

Leap relies on external infrastructure for its operations. Jupiter supplies trade routing, Helius provides infrastructure, and Birdeye supplies market data. The terms of use describe swaps against quotes from independent professional market makers or through third-party decentralized exchanges and aggregators. Leap explicitly states it is not the custodian of users' wallets or assets, with Privy serving as a third-party key-management provider.

The company warns that a Privy outage, security incident, or infrastructure failure could leave users unable to access their wallets and assets, temporarily or permanently. Leap also allows some partners exclusive rights to bundle and submit transactions entered through the app, potentially receiving fees when users execute against their quotes without disclosing payment details for individual trades.

Profit tracking and future plans

Leap promotes profit-and-loss tracking that accounts for deposits, withdrawals, trades and fees, alongside a breakeven price for each position. The system treats tokens transferred into wallets as purchases and tokens transferred out as sales, with fees and price impact affecting the calculation. When market prices are unavailable, tokens are valued at $0, potentially affecting reported gains or losses.

The app currently charges no fees, though network and routing costs apply before each trade. Leap plans to implement future fees to buy and burn $SOL and fund referrals, with Founders Club members expected to earn 30% of trading fees from direct invitees and 5% from those invitees' referrals. Android availability is listed as coming soon, with future fee structures subject to change without notice.