- Kraken and BackedFi launch tokenized U.S. stocks for global investors.
- Over 50 major stocks available as tokens on Solana blockchain.
- xStocks platform bridges traditional finance with decentralized finance benefits.
In a significant leap forward for blockchain and traditional finance integration, crypto exchange Kraken has partnered with Backed Finance (BackedFi) to introduce tokenized U.S. equities to non-U.S. markets. With this strategic alliance, global users can access major American stocks and exchange-traded funds (ETFs) via digital assets at any time, 24/7.
Kraken Brings U.S. Equities Onchain via Solana and BackedFi
This action takes the industry in a direction that helps more people, operates more smoothly, and improves access. Through tokenization, Kraken and BackedFi hope to solve common problems seen in traditional finance, which include limited trading hours, many fees and narrow global reach.
According to WSJ, the initiative will include over 50 stocks and ETFs that are tokenized such as Apple, Tesla, and Nvidia, among others. The assets will be launched on the Solana blockchain, which is famous for its fast transactions, low fees, and rich community of users. In addition, Solana’s high performance allows trading at any hour of the day or night, unlike regular stock exchanges.
Rolling out with this update is xStocks, a new BackedFi brand dedicated to offering crypto platforms tokenized exposure to U.S. equities. The first platform to support xStocks is Kraken. However, traditional stock investing differs from these cryptocurrencies, which work all the time, can be used internationally, and are a preferred choice in DeFi.
Mark Greenberg, Global Head of Consumer at Kraken, pointed out the importance of finding improved options to the older stock market models. In addition, he pointed out that access to U.S. equities has long been slow, costly, and limited for many people. With this collaboration, Kraken is providing users with an easier, quicker and more transparent method to access financial markets.
xStocks Set to Transform How the World Accesses Equities
Adam Levi, cofounder of BackedFi, echoed this sentiment. He stressed that through Kraken and Solana Foundation, fiat money and DeFi can work side by side. Furthermore, Levi believes xStocks provide firm, consistent value across multiple networks and platforms. Consequently, they could become a regular tool for both crypto enthusiasts and traditional financial users. Looking ahead, tokenized equities may play a central role in mainstream financial adoption.
On the other hand, Amelia Daly, the Head of Partnerships at Solana Foundation, was also happy about the cooperation. For CG, trading tokenized US stocks on the Solana blockchain is proof that investing is moving toward inclusion, independence, and global reach. Solana is already introducing the most public blockchain, so it has the tools necessary to support the scale of ideas presented here.
Meanwhile, Kraken just introduced trading of thousands of U.S.-listed stocks and ETFs to its American users. By making its exchange available across the globe, it is now leading the way in linking crypto and traditional financial services.
With the increase in tokenized equity, Kraken and BackedFi are preparing to explore new platforms that may make this new investment strategy accessible to a worldwide audience. Ultimately, this change reflects a new way individuals handle finances and also offers more transparent, expansive markets made for the internet era.
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