Kraken extends xStocks to BNB Chain, betting on DeFi as Wall Street’s successor
The race to place Wall Avenue on-chain simply hit a brand new gear. Kraken, Backed, and BNB Chain are teaming as much as convey tokenized shares to one in every of crypto’s most energetic ecosystems, pushing xStocks into the mainstream.
On July 9, crypto trade Kraken introduced a strategic partnership with tokenization agency Backed and BNB Chain, increasing its xStocks providing to one of many largest blockchain networks by every day customers.
The combination will allow Kraken shoppers exterior the U.S. to deposit and withdraw tokenized U.S. equities, equivalent to Apple’s AAPLx and Tesla’s TSLAx, as BEP-20 tokens within the coming weeks. This follows xStocks’ preliminary launch on Solana final month, marking one other step in Kraken’s push to redefine how public equities would possibly flow into within the digital financial system.
You may additionally like: The Blockchain Group set to increase buying and selling of its Bitcoin-backed shares by way of US OTCID itemizing
Why BNB Chain could possibly be the tipping level for tokenized shares
The choice to convey xStocks to BNB Chain marks a strategic enlargement effort by Kraken and Backed. The 2 corporations mentioned they chose the community for its scale and effectivity.
With roughly $10 billion in complete worth locked and some of the energetic person bases in crypto, BNB Chain gives a essential mass of liquidity and accessibility, two components important for tokenized equities to achieve traction.
Backed’s xStocks will now flow into as BEP-20 tokens, enabling seamless transfers between Kraken’s centralized platform and BNB Chain’s decentralized ecosystem. For merchants, the attraction is evident: decrease charges than Ethereum, sooner settlement than conventional markets, and compatibility with DeFi protocols.
The objective, in keeping with Kraken Co-CEO Arjun Sethi, isn’t simply broader distribution—it’s composability. “Increasing to BNB Chain reinforces our core perception that tokenized equities usually are not simply digital wrappers for conventional property—they’re a foundational improve to the monetary system itself,” he mentioned.
Kraken’s wager on BNB Chain additionally displays a deliberate play for international attain. Whereas the trade initially launched over 60 tokenized shares on Solana final month, concentrating on customers in 140 nations, BNB Chain’s presence in rising markets equivalent to Southeast Asia and Latin America might open doorways for retail traders with restricted entry to U.S. equities.
As Sarah Tune, BNB Chain’s Head of Enterprise Growth, famous: “Tokenizing real-world property on BNB Chain is a significant step in making international finance extra accessible and clear.” The chain’s infrastructure, together with its EVM compatibility and excessive throughput, reduces friction for customers who would possibly in any other case face limitations with legacy programs.
But adoption stays an open query. On-chain information from a Dune Analytics dashboard tracked by Hashed exhibits simply $32.8 million in xStocks buying and selling quantity so far, a modest determine, although Kraken’s inside trade quantity might considerably improve that quantity.
The actual check might be whether or not these property acquire utility past speculative buying and selling. Backed co-founder Adam Levi envisions xStocks turning into “the usual for tokenized equities” by integrating with lending protocols, derivatives platforms, and different DeFi primitives. If that occurs, tokenized shares might evolve from artificial proxies into foundational monetary devices.
Learn extra: Japan’s Remixpoint steps up Bitcoin wager with $215 million elevate
