Kraken To Launch Tokenized Stocks On Solana, SOL Price Rallies

Kraken is proceeding with its ambitious plans to roll out tokenized US stocks for investors outside America. To achieve its plan, the exchange has lined up a raft of partnerships, but a collaboration with Solana has sent SOL prices surging.

Kraken Eyes Tokenized US Equities Launch On Solana

US-based cryptocurrency exchange Kraken has confirmed plans to offer tokenized US equities in select markets globally. According to a company announcement, the exchange will allow non-US investors to have access to tokenized versions of American stocks like Apple, Nvidia, and Tesla.

Dubbed xStocksFi, Kraken’s new tokenized stock offering leans on key industry partnerships. Per the announcement, Kraken will launch xStockFi on Solana, with the exchange hinting at an expansion to other blockchains in the future.

“With BackedFi and Kraken, tokenized US equities will soon trade on Solana – fast, borderless, and composable.”

Furthermore, Kraken is tapping BackedFi for the incoming product launch, citing its previous experience with tokenized stocks and ETFs. For starters, StockFi will launch with over 50 stocks and ETFs offering but a commercial roll-out remains under wraps.

Kraken co-CEO Arjun Sethi disclosed that the incoming tokenized stock offering will extend beyond being tradeable. Sethi notes that the offering will be transferrable and can be used as collateral while being interoperable across CeFi and DeFi ecosystems.

The announcement follows Kraken’s clinching of a crypto derivatives license in Europe in the middle of the week. Whispers of a token launch and a potential IPO continue to trail the US cryptocurrency exchange.

SOL Price Rallies After The Announcement

Kraken’s announcement has sent the Solana price through the roof, with SOL trading at $178. At the moment, SOL is up by nearly 8% over the last day while daily trading volume continues to reflect bullish sentiments.

The recent price gain is dousing speculation for a Solana crash to $140 as institutional interest reaches frenetic levels.

Over the last week, Solana has gained 4%, but the 30-day chart is painting a bullish picture for investors. SOL price has soared by a remarkable 23.1% over the last month, outperforming the rest of its peers by a country mile.

The surge in prices is not a flash in the pan as Solana continues to court institutional attention. Earlier in the day, OKX launched xBTC on Solana to join Societe Generale’s stablecoin launch on the network.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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