The San Francisco-based crypto change Kraken is bringing tokenized variations of standard US-listed shares and exchange-traded funds (ETF) to its shoppers in choose non-US markets.
In a press release, Kraken says it partnered with the tokenized shares and ETF issuer Backed to launch xStocks on the Solana (SOL) blockchain.
xStocks, a tokenized equities model developed by Backed, faucets blockchain expertise to supply tokenized variations of US-listed equities.
Says Kraken International Head of Shopper Mark Greenberg,
“Entry to conventional US equities stays sluggish, pricey and restricted. With xStocks, we’re utilizing blockchain expertise to ship one thing higher – open, immediate, accessible and borderless publicity to a few of America’s most iconic firms. That is what the way forward for investing seems to be like.”
Kraken says xStocks belongings will likely be issued as SPL tokens, the usual token format on the Solana blockchain, and will likely be accessible to eligible shoppers by means of its app.
“These xStocks belongings will be traded each on our platform in addition to onchain by means of suitable pockets suppliers, permitting customers to leverage their xStocks as collateral in ways in which merely will not be attainable by means of TradFi.”
Kraken says Solana is chosen because the launch chain for xStocks due to the blockchain’s efficiency, low latency and thriving international ecosystem.
The change says that it plans to increase the vary of tokenized belongings and the jurisdictions the place xStocks is supported.
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