Kraken and Backed Expand Tokenized Stocks to BNB Chain as RWA Momentum Accelerates

2 months ago

Crypto speech Kraken and tokenized plus issuer Backed Finance are bringing tokenized equities to the BNB Chain (BNB), allowing trading with stocks similar Apple and Nvidia around-the-clock connected the network, the firms said connected Wednesday.

The determination allows token versions of U.S. stocks specified arsenic Apple (AAPLx), Tesla (TSLAx) and S&P 500 ETF (SPYx) to beryllium issued arsenic BEP-20 tokens and accessible to users crossed BNB Chain’s ecosystem. The improvement comes with BNB Chain joining the xStocks Alliance, a web of exchanges and decentralized concern (DeFi) protocols that offers trading with 60 equity and ETF tokens connected crypto rails.

Kraken said it volition let users to deposit and retreat xStocks tokens done the BNB Chain successful the upcoming weeks. The extremity is to integrate equity tokens deeper into DeFi, making them disposable to determination crossed protocols and chains oregon station arsenic collateral for borrowing, Adam Levi, co-founder of Backed, said successful a property release.

"This is the opening of an always-on equity marketplace — 1 that is permissionless, transparent, and built for the internet," Arjun Sethi, co-CEO of Kraken, said successful a statement. "These instruments behave arsenic programmable colony primitives, unlocking atomic settlement, real-time planetary transferability, and composability with on-chain lending, derivatives, and structured products."

Trading platforms are racing to bring equities onto blockchain rails arsenic tokenization of accepted fiscal instruments, oregon real-world assets (RWA), gains steam. Backed's xStocks debuted past week connected Kraken, Bybit and Solana-based (SOL) DeFi platforms, portion Gemini and Robinhood person introduced trading with tokenized U.S. stocks.

Crypto speech Bitget besides introduced xStocks tokens connected its trading level connected Wednesday aft joining the alliance, the speech said successful a property release.

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