San Francisco-based crypto exchange Kraken is introducing tokenized versions of popular US-listed stocks and exchange-traded funds (ETFs) to clients in selected non-US markets. In an official statement, Kraken announced its partnership with Backed, a tokenized stocks and ETF issuer, to launch xStocks on the Solana (SOL) blockchain. xStocks, a tokenized equities brand created by Backed, leverages blockchain technology to provide tokenized versions of US-listed equities. Mark Greenberg, Kraken’s Global Head of Consumer, stated, “Access to traditional US equities remains slow, costly, and restricted. With xStocks, we’re harnessing blockchain technology to offer a superior solution—open, instant, accessible, and borderless exposure to some of America’s most iconic companies.

This is what the future of investing looks like. ” Kraken explained that xStocks assets will be issued as SPL tokens, the standard token format on the Solana blockchain, and will be accessible to eligible clients via its app. “These xStocks assets can be traded both on our platform and on-chain through compatible wallet providers, enabling users to use their xStocks as collateral in ways not possible in traditional finance. ” Kraken selected Solana as the launch blockchain for xStocks due to its performance, low latency, and vibrant global ecosystem. The exchange also plans to broaden the range of tokenized assets and expand the jurisdictions where xStocks is available. Follow us on X, Facebook, and Telegram Don’t Miss a Beat – Subscribe to receive email alerts directly in your inbox Check Price Action Explore The Daily Hodl Mix Generated Image: Midjourney