Kraken to Launch Tokenized Stocks on Solana for Global Users – Coincu

Kraken announced on May 22 that they will offer tokenized versions of US stocks through the Solana blockchain.

This initiative broadens non-US users’ access to US equity markets without border or broker constraints.

Kraken and Solana Bridge Traditional Finance and Crypto

Kraken, in collaboration with Backed Finance, plans to launch tokenized US-listed stocks on Solana. The xStocks will emulate assets like Apple, Tesla, and Nvidia. This strategy highlights a move towards bridging traditional finance with crypto technologies, emphasizing immediate accessibility for non-US users.

Key changes include non-US customers gaining access to tokenized stocks on a reliable platform, circumventing geographical and brokerage constraints. The partnership with Solana offers a high-speed, low-fee environment ideal for this project. As a result, stakeholders anticipate Solana’s adoption to grow.

The introduction of xStocks is set to transform the way people interact with finance, providing access to over 50 stocks and ETFs without borders, brokers, or barriers, according to Kraken’s official statement.

The market’s response has been cautiously optimistic, with stakeholders recognizing the potential benefits of 24/7 stock trading access. The absence of direct regulatory feedback suggests this offering aligns with existing frameworks, particularly the decision not to offer the service in the US.

Solana’s Market Performance and Analyst Predictions

Did you know? The concept of tokenized stocks previously gained traction with FTX and Mirror Protocol, exemplifying significant demand for decentralized equity access prior to regulatory hurdles ending their services.

Solana (SOL) is currently trading at $179.19 with a market cap of $93.21 billion. Over the past 24 hours, its trading volume was approximately $6.32 billion. Recent performance shows a price rise of 4.23% within 24 hours and 23.97% over 30 days, as per CoinMarketCap data.

Crypto Briefing provides insights on how the successful integration of xStocks could prompt financial innovation, challenging traditional brokerage paradigms by offering seamless global access. By leveraging Solana’s capabilities, such expansion may inspire regulatory advancements and technological exploration within blockchain networks.