Kraken collaborates with Backed and the Solana Foundation to launch xStocks

ChainCatcher news, Kraken announced a strategic partnership with tokenized stock issuer Backed and the Solana Foundation to jointly launch xStocks, aimed at providing global investors with tokenized investment opportunities in U.S. stocks and ETFs.

xStocks will initially deploy digital forms of U.S. listed stocks and ETFs based on SPL on the Solana blockchain, with the first batch of tokenized assets available to selected qualified customers in non-U.S. markets through the Kraken application.

Kraken's Global Consumer Head Mark Greenberg stated, "We are reimagining stock investing by providing an open, instant, and borderless investment experience through blockchain technology."