Kraken has collaborated with Backed and the Solana Foundation on a new service, launching xStocks, a platform providing U.S. equites in token form. This new venture brings digital shares in U.S.-listed stocks and ETFs to qualifying users in non-American geographic regions.
The assets are delivered by Kraken through its app by utilizing the SPL standard within the Solana blockchain to provide increased efficiency and speed. Solana blockchain boasts superior performance and minimal transaction latency, providing a preferred backbone for listing xStocks worldwide.
Kraken chose Solana because it boasts a well-established global user base coupled with a capacity to conduct transactions at a level comparable to the internet. The robust nature of the platform ensures smooth access to equities without any delays within traditional financial systems.
Backed will launch digital stock assets branded as xStocks, making U.S. equities available to users of crypto platforms. Kraken is the first official partner to list them through Solana, a step likely to generate investor demand for faster and more affordable equity investments.
Solana enables rapid tokenized stock trades
Mark Greenberg from Kraken stressed that users now have a more direct channel through which to access major U.S. companies using blockchain. The move makes it possible for Kraken clients outside America to trade regular stocks on-chain without having to use traditional banking systems.
During April, Kraken introduced over 11,000 U.S.-listed stocks and ETFs to U.S. users. It aims to roll out comparable access to U.S., U.K., Australia, and European markets in the future. With this latest expansion, Kraken and Backed intend to venture into other blockchains to disperse tokenized assets outside Solana.
Nonetheless, Established in 2011, Kraken is among the most reliable platforms for digital trading and cryptocurrency innovation. It facilitates secure trading in more than 300 digital assets across six major currencies namely USD, EUR, and GBP.
