Kraken Partners with BNB Chain to Expand Access to Tokenized US Stocks

Cryptocurrency exchange platform Kraken and tokenized stock issuance platform Backed have announced a strategic partnership with the globally leading blockchain BNB Chain. This collaboration aims to accelerate global access for users to on-chain tokenized US stocks. In the coming weeks, Kraken will enable eligible customers to deposit and withdraw xStocks on its platform via BNB Chain.

As part of this collaboration, Backed will deploy xStocks on BNB Chain in the form of BEP-20 tokens. This deployment will provide users with seamless access to tokenized assets of US stocks and ETFs, including assets such as AAPLx, TSLAx, SPYx, and NVDAx. By expanding to BNB Chain, xStocks continues its mission to meet demand wherever users are, bringing traditional equities onto the blockchain, and opening up channels to underserved global markets.

BNB Chain was chosen for its high performance, low transaction fees, and leading on-chain activity. With a total value locked (TVL) of approximately $100 billion and one of the most active Web3 user communities, it provides a solid foundation for the adoption of tokenized assets. Kraken, Backed, and BNB Chain are collectively committed to democratizing investment by enabling global access to the US stock market 24/7.

xStocks, a platform that tokenizes U.S. equities, has launched its stock tokens on the BNB Chain. This development allows eligible non-U.S. clients to trade 60 U.S. equities tokenized and tradable 24/5. The launch signifies a major step in bringing traditional financial markets onto the blockchain, enabling more efficient and accessible trading for a global audience. Kraken, a prominent cryptocurrency exchange, has announced support for deposits and withdrawals of xStocks tokens, further integrating these tokenized assets into the broader crypto ecosystem. This move by Kraken underscores the growing acceptance and utility of tokenized securities, which offer the benefits of blockchain technology such as transparency, security, and liquidity. The collaboration between xStocks and Kraken is expected to attract more institutional and retail investors to the crypto market, as it provides a seamless way to gain exposure to traditional equities through blockchain-based tokens.