Kraken to Offer Tokenized Stock Trading on Solana to Overseas Customers

Kraken will soon offer foreign customers the ability to trade shares with US lists via Crypto Exchange platform, UA said company a statement Thursday.

The offer, which includes more than 50 shares with a list in the United States and the stock markets, will be facilitated through a partnership with Backed, a company specializing in tokenized value papers, using, using Saltworks Blockchain offer so -called Xstocks, the company said.

Tokenization It refers to the procedure of taking property in the real world, whether in stock or bonds, and presenting them on the chain using digital assets. Kraken said the supplies will be presented on the solani using spl token, a standard token mirror ERC-20 tokens on Ethereum. The XSTOCKS is expected to trade on public blockchain for hours.

According to Kraken, The Exchange and Backed, they chose Solana as the first chain for Xstocks because of their “incomparable performance, low delays and successful global ecosystems”. However, the company said it would explore tokenized securities on other networks.

“We divert ownership investment and insert a new wave of clients demand that seek better alternatives to the status quo,” said Mark Greenberg, Kraken’s global consumer chief. “Access to traditional American sections remains slow, expensive and limited.”

In April, Kraken began to offer supplies and ETFs with a list of US customers based in the US. The company says he is watching a similar expansion in the UK, Europe and Australia. Moving comes as an alleged exchange preparation for the initial public offer this year.

Among the traditional financial institutions, tokenization has several grants. 2022, CEO of Black Larry Fink greeted The concept as the future of the market, saying that a plumbing water supply, could bring near settlement and reduce fees.

In the United States, companies like Securitize have appeared as leaders in the tokenization space. The company manages Blackkk’s US Institutional Digital Liquidity Fund (Buidl), which has a market capitalization of about $ 2.8 billion, according to Analytics rwa.xyz.

The collapsed cryptocurrency of FTX has drawn into a tokenization space in 2020, when Started with the offer Tokenized supplies for marijuana companies. Binance had ejected And in tokenized securities, including the offer of the Coinbase shares, at one point.

Tokenized supplies have a relatively initial trace compared to stable or products like Buidl. According to rwa.xyzTokenized props worth about $ 373 million exists on the chain, namely the exodus Movement supplies, which issues securitize on Blockchain Algorand.

Edited by James Rubin