On May 25th, Kraken unveiled a significant alliance with Backed, a pioneer in the tokenized stocks arena, and the Solana Foundation. This collaboration seeks to introduce xStocks, an innovative platform that will enable global investors to access tokenized U.S. stock and ETF opportunities. Utilizing the Solana blockchain with SPL standards, xStocks aims to transform how investments are conducted digitally. The initial offering will feature a range of U.S. listed stocks and ETFs, accessible via the Kraken app for eligible non-U.S. clients.
Mark Greenberg, Kraken’s Global Head of Customer Growth, emphasized the shift towards a more inclusive investment landscape. He stated, “We are reimagining stock investment by providing an open, real-time, and borderless experience through blockchain technology.” As part of its commitment, Kraken is reportedly set to roll out over 50 tokenized stocks and ETFs, encompassing notable names like Apple, Tesla, and Nvidia. Initially, these offerings will be available to markets in Europe, Latin America, Africa, and Asia.