Kraken Teams Up with Backed and the Solana Foundation to Launch xStocks, Aiming to Provide Tokenized US Stock and ETF Investment Opportunities

BlockBeats News, May 25th, Kraken announced a strategic partnership with tokenized stock issuer Backed and the Solana Foundation to launch xStocks, aiming to provide global investors with tokenized U.S. stock and ETF investment opportunities.

xStocks will first deploy digital representations of U.S. listed stocks and ETFs on the Solana blockchain based on SPL. The first batch of tokenized assets will be available through the Kraken app to eligible non-U.S. market clients.

Mark Greenberg, Kraken's Global Head of Customer Growth, stated: "We are reimagining stock investment by providing an open, real-time, and borderless investment experience through blockchain technology."

In previous news, according to The Wall Street Journal, cryptocurrency exchange Kraken will launch over 50 tokenized stocks and ETFs, including Apple, Tesla, and Nvidia stocks, initially in Europe, Latin America, Africa, and Asia.