Kraken, a U.S.-based cryptocurrency change, plans to launch tokenized variations of over 50 U.S. shares and exchange-traded funds (ETFs) for non-U.S. prospects. The initiative, branded as xStocks, will allow buying and selling on the Solana blockchain, providing 24/7 entry to those belongings. The tokenized shares embody high-profile corporations corresponding to Apple, Tesla, and Nvidia, in addition to ETFs like SPY and GLD, and can be out there to purchasers in Europe, Latin America, Africa, and Asia.
The xStocks can be backed by precise shares, represented on Solana utilizing SPL tokens, with Kraken’s companion, Backed, managing the acquisition of the underlying securities. This transfer goals to supply simpler and extra environment friendly entry to U.S. markets for worldwide buyers, bypassing conventional buying and selling hours and decreasing prices related to cross-border transactions.
Kraken’s choice to make use of Solana for xStocks is pushed by the blockchain’s efficiency, low latency, and its thriving international ecosystem. The corporate can be exploring the potential for increasing tokenized securities to different blockchains sooner or later.
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