Kraken Utilizes Solana Blockchain to Launch Tokenized U.S. Shares and ETFs, Accessible to International Investors

Global crypto trading platform Kraken announced its entry into the market for tokenized U.S. equities. Partnering with Backed, the exchange intends to roll out a new product, xStocks, on the Solana blockchain. These tokenized assets will grant increased access to U.S. equities for eligible investors in select non-U.S. regions, as regulatory hurdles prevent their trade in the originating country.

The xStocks lineup will encompass over 50 tokens representing various U.S.-listed stocks and exchange-traded funds (ETFs), including companies like Tesla, Nvidia, and Apple, along with the SPDR S&P 500 ETF. As SPL tokens, they will be compatible with the Solana blockchain, famed for its high-performance capabilities and low latency.

In a statement, Kraken's Global Head of Consumer Mark Greenberg emphasized the potential of xStocks to revolutionize investing:

"Traditional access to U.S. equities remains slow, expensive, and restricted. With xStocks, we use blockchain technology to deliver something far better: open, instant, accessible, and borderless exposure to American icons. This is the future of investing."

The exchange asserts that these tokenized assets can be used both within the platform and through compatible wallet providers as collateral for decentralized finance (DeFi) initiatives. Kraken also plans to expand the range of available tokenized assets, as well as the jurisdictions where xStocks is offered.

Kraken's decision to partner with the Solana Foundation underscores the strong appeal of the blockchain for its low-latency performance and thriving global ecosystem.

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Kraken's entry into the tokenized U.S. equities market with the xStocks product on the Solana blockchain represents a significant step in the integration of cryptocurrency and finance, as traditional investing may now benefit from blockchain technology's speed, accessibility, and decentralization.
The xStocks lineup, encompassing tokens representing various U.S.-listed stocks, ETFs, and American icons like Tesla, Nvidia, and Apple, demonstrates the potential of altcoins to bring increased investment opportunities to eligible investors in select non-U.S. regions.
As regulatory hurdles limit the trading of tokenized assets in their originating country, Kraken's xStocks will offer a novel way for investors to gain exposure to U.S. equities, using suitable wallet providers as collateral for decentralized finance (DeFi) initiatives. This illustrates the synergy between cryptocurrency, technology, and finance.

Kraken Utilizes Solana Blockchain to Launch Tokenized U.S. Shares and ETFs, Accessible to International Investors