The renowned San Francisco-based cryptocurrency exchange, Kraken, has announced a groundbreaking development for its clients in select non-US markets. Through a partnership with tokenized stocks and ETF issuer Backed, Kraken is introducing tokenized versions of popular US-listed stocks and exchange-traded funds (ETF) on the Solana (SOL) blockchain under the brand xStocks.
xStocks, a novel offering by Backed, leverages blockchain technology to tokenize US-listed equities. This innovative approach aims to revolutionize access to traditional US equities by providing open, instant, accessible, and borderless exposure to iconic American companies. Mark Greenberg, Kraken’s Global Head of Consumer, expressed enthusiasm for the project, stating, “This is what the future of investing looks like.”
Kraken will issue xStocks assets as SPL tokens, the standard token format on the Solana blockchain, making them available to eligible clients through the Kraken app. Users will also have the flexibility to trade xStocks assets on the platform or onchain through compatible wallet providers, enabling unique opportunities for leveraging xStocks as collateral.
Solana was chosen as the launch chain for xStocks due to its exceptional performance, low latency, and vibrant global ecosystem. Kraken plans to expand the range of tokenized assets and supported jurisdictions for xStocks in the future, catering to a broader audience of investors seeking innovative investment opportunities.
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In conclusion, Kraken’s partnership with Backed to launch xStocks on the Solana blockchain signifies a significant step towards democratizing access to traditional US equities through tokenization. This innovative approach is set to redefine the future of investing by offering a seamless and borderless experience for investors worldwide.
(Source: Kraken)