- Kraken partnered with Backed and the Solana Foundation to launch xStocks, bringing tokenized U.S. equities onchain.
- The platform uses Solana’s fast blockchain to offer global investors 24/7, borderless access to American stocks and ETFs.
Kraken has officially partnered with Backed and the Solana Foundation to launch xStocks, a tokenized equities platform that brings U.S.-listed stocks and ETFs onchain. This new offering allows eligible Kraken users in select non-U.S. regions to gain blockchain-based exposure to American equities through the Kraken app.
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Kraken Brings Tokenized Stocks to the Solana Blockchain
Kraken chose Solana, the world’s most used public blockchain, as the launch platform for xStocks due to its low latency, high performance, and global reach. Backed will issue SPL-based digital tokens that represent real U.S. stocks and ETFs. This initiative marks a significant step toward merging traditional finance with decentralized systems.
“Access to U.S. equities has long been slow and restricted,” said Kraken’s Global Head of Consumer, Mark Greenberg. “With xStocks, we’re offering open, instant, and borderless access to some of America’s top companies.”
xStocks Make 24/7 Trading and DeFi Integration Possible
Backed’s cofounder, Adam Levi, emphasized that xStocks are designed to function as a public good, enabling global, 24/7 trading of U.S. equities. By bringing these assets onchain, Kraken and Backed are creating new opportunities for DeFi composability and permissionless financial access.
“This partnership helps build a new era of decentralized markets,” said Levi. “xStocks will bridge the gap between traditional and decentralized finance.”
Solana Powers the Future of Tokenized Equities
Amelia Daly, Head of Partnerships at the Solana Foundation, highlighted the significance of the move: “Launching tokenized equities on Solana demonstrates how public blockchains can enable internet-scale financial services.”
Solana’s scalability and fast execution provide the ideal foundation for tokenizing real-world assets like equities. This gives users a more seamless investing experience compared to traditional brokers and platforms.
Kraken Expands Global Access to U.S. Stocks
The xStocks rollout builds on Kraken’s April launch of over 11,000 U.S. stocks and ETFs for American users. The company plans to expand access to these products across the U.K., Europe, and Australia.
Looking ahead, Kraken and Backed also intend to integrate xStocks with other blockchain networks, further widening access to tokenized U.S. equities and revolutionizing how investors worldwide engage with stock markets.
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