Kraken, a U.S.-based cryptocurrency exchange, plans to launch tokenized versions of over 50 U.S. stocks and exchange-traded funds (ETFs) for non-U.S. customers. The initiative, branded as xStocks, will enable trading on the Solana blockchain, offering 24/7 access to these assets. The tokenized stocks include high-profile companies such as Apple, Tesla, and Nvidia, as well as ETFs like SPY and GLD, and will be available to clients in Europe, Latin America, Africa, and Asia.
The xStocks will be backed by actual shares, represented on Solana using SPL tokens, with Kraken's partner, Backed, managing the acquisition of the underlying securities. This move aims to provide easier and more efficient access to U.S. markets for international investors, bypassing traditional trading hours and reducing costs associated with cross-border transactions.
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