Kraken to Offer Tokenized Stock Trading on Solana to Overseas Customers
Kraken will enable overseas customers to trade U.S.-listed stocks via its platform, covering over 50 stocks and ETFs through a partnership with Backed. This will utilize the Solana blockchain for tokenized securities known as xStocks, represented as SPL tokens. xStocks will trade continuously on a public blockchain. Kraken selected Solana for its performance and ecosystem but plans to explore other networks. The initiative aims to provide faster, cost-effective access to traditional equities, addressing existing limitations. Kraken previously offered U.S. stocks to domestic customers and is expanding into the UK, Europe, and Australia while preparing for an IPO. Tokenization is gaining traction among financial institutions, with notable support from figures like BlackRock's CEO.
