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Cryptocurrency exchange Kraken is joining forces with tokenized stock issuer Backed and the Solana Foundation to launch digital assets representing U.S. stocks and ETFs on the Solana blockchain.
The new platform has been announced as “xStocks” and the first tokenized assets will be offered via the Kraken app to eligible users in select non-US markets via the SPL standard.
The new partnership was announced at the Solana Accelerate event in Lisbon. According to the project, Backed will bring digital representations of US-listed stocks and ETFs to the Solana blockchain. These assets will be offered to investors under the brand name “xStocks” and will be available initially through the Kraken platform.
Kraken chose Solana as the blockchain on which to launch xStocks, citing Solana’s high transaction performance, low latency, and vibrant global ecosystem. The Solana Foundation said Solana is the most widely used public blockchain in the world, making it ideal for delivering internet-scale financial solutions.
Mark Greenberg, Kraken Global Head of Consumer, said the following about the new initiative:
“We are reshaping stock investing. Access to traditional U.S. stocks is still slow, costly, and restrictive. With xStocks, we are delivering a more open, instantaneous, accessible, and cross-border investment experience with blockchain technology. This is the future of investing.”
*This is not investment advice.
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