Kraken, the San Francisco-based crypto exchange, is making it easier for non-US clients to invest in American stocks and ETFs. They’re doing this by partnering with Backed to offer tokenized versions of these assets on the Solana blockchain.
Tokenized Stocks Arrive on Solana
This new offering, called xStocks, uses blockchain technology to create digital representations of US equities. According to Kraken’s Global Head of Consumer, Mark Greenberg, this offers a faster, cheaper, and more accessible way to invest in major American companies compared to traditional methods. He sees this as a glimpse into the future of investing.
How it Works
xStocks will be available as SPL tokens (Solana’s standard token format) through the Kraken app for eligible clients. These tokens can be traded on Kraken or through compatible wallets, and even used as collateral in ways traditional finance doesn’t allow. Solana was chosen for its speed, efficiency, and global reach.
Future Plans
Kraken plans to expand the number of tokenized assets available through xStocks and the regions where the service is offered.
Disclaimer: Investing in cryptocurrencies and digital assets is risky. Do your own research before investing. Any losses are your responsibility. This information is not financial advice.
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