Kraken Taps Solana Blockchain To Roll Out Tokenized American Stocks and ETFs for Non-US Traders

The San Francisco-based crypto change Kraken is bringing tokenized variations of in style US-listed shares and exchange-traded funds (ETF) to its purchasers 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 World Head of Shopper Mark Greenberg,

“Entry to conventional US equities stays sluggish, expensive and restricted. With xStocks, we’re utilizing blockchain expertise to ship one thing higher – open, prompt, accessible and borderless publicity to a few of America’s most iconic corporations. That is what the way forward for investing seems to be like.”    

Kraken says xStocks property can be issued as SPL tokens, the usual token format on the Solana blockchain, and can be obtainable to eligible purchasers by way of its app.

“These xStocks property may be traded each on our platform in addition to onchain by way of appropriate pockets suppliers, permitting customers to leverage their xStocks as collateral in ways in which merely just isn’t doable by way of TradFi.”

Kraken says Solana is chosen because the launch chain for xStocks due to the blockchain’s efficiency, low latency and thriving world ecosystem.

The change says that it plans to increase the vary of tokenized property and the jurisdictions the place xStocks is supported.

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