Latest news with #Backed
Yahoo
24-05-2025
- Business
- Yahoo
Kraken to offer tokenized securities, including Apple, Tesla, and Nvidia, to customers outside the U.S
U.S.-based cryptocurrency exchange, Kraken Partners, has partnered with Backed, a leading issuer of tokenized stocks, and the Solana Foundation to bring tokenized U.S. equities to investors worldwide. According to a company press release, Backed will initially deploy SPL-based digital representations of U.S.-listed stocks (including Apple (AAPL), Tesla (TSLA), and Nvidia (NVDA)) and ETFs on the Solana blockchain. These tokenized assets will soon be available to eligible Kraken clients in select non-U.S. markets directly through the Kraken app. Under the Trump administration, the regulatory environment has become more favorable for companies like Kraken. In March, Trump's SEC dismissed its case against crypto exchange Kraken, which was accused of combining the roles of an exchange, broker, dealer, and clearing agency without registering securities. Matthew Ruley, director of content for dypto-crypto, a crypto information site, said that by offering assets in non-U.S. markets, Kraken is doing some 'alpha testing' so they're ready to go the second they're given the green light to begin in the United States. Meanwhile, Dave Weisberger, co-founder at crypto strategy firm CoinRoutes said Kraken's move is one more way to make crypto available to the masses. 'It brings fully transparent access to investing in U.S. stocks to all geographies Kraken operates in. It likely will be available at a much lower cost than GDRs (Global depository receipts) which are offered institutionally today,' Weisberger said, adding that, if successful, this may be seen as the first step towards the mass tokenization of equities. And if that happens, Weisberger predicts lower trading costs, improved liquidity and streamlined operational functions. Other stakeholders also lauded the news. 'This is a big moment. Tokenized stocks on Solana mean everyday investors can finally access U.S. equities without being gated by geography, legacy systems, or slow settlement,' says Mike Cahill, CEO of Doura Labs. Cahill says that Kraken and Backed are pushing the market forward by proving that public equities can move at internet speed. 'It goes way beyond more efficient—this is about making it more open, accessible, and real-time.' — Vinamrata Chaturvedicontributed to this article. For the latest news, Facebook, Twitter and Instagram. Sign in to access your portfolio
Business Wire
22-05-2025
- Business
- Business Wire
Kraken Partners with Backed to Launch xStocks on Solana, Bringing Tokenized Equities to the Masses
NEW YORK--(BUSINESS WIRE)-- Kraken, a technology platform built on crypto that unlocks access and reduces inefficiencies to drive financial freedom, today announced a strategic partnership with Backed, the pioneering issuer of tokenized stocks, and the Solana Foundation to bring tokenized U.S. equities to investors worldwide. Announced at Solana Accelerate, Backed will initially deploy SPL-based digital representations of U.S.-listed stocks and ETFs on the Solana blockchain. These tokenized assets will soon be available to eligible Kraken clients in select non-U.S. markets directly through the Kraken app. As part of the rollout, Backed is launching xStocks, a new tokenized equities brand designed to empower crypto platforms to offer onchain exposure to U.S. equities – with Kraken as its first launch partner. Kraken selected Solana as the launch chain for xStocks because of its unmatched performance, low latency and thriving global ecosystem. As the most used public blockchain in the world, Solana provides the ideal foundation for bringing equities onchain at internet scale. 'We're reimagining equities investing and ushering in a new wave of demand from clients seeking better alternatives to the status quo,' said Mark Greenberg, Kraken's Global Head of Consumer. 'Access to traditional U.S. equities remains slow, costly, and restricted. With xStocks, we're using blockchain technology to deliver something better – open, instant, accessible, and borderless exposure to some of America's most iconic companies. This is what the future of investing looks like.' 'This collaboration marks a pivotal moment in democratizing access to traditional finance. By bringing exposure to U.S. equities onchain we're unlocking a new era of DeFi composable, 24/7 global markets,' said Adam Levi, Cofounder of Backed. 'xStocks's infrastructure is designed to seamlessly bridge the gap between traditional and decentralized finance, and we couldn't ask for a more forward-thinking partner than Kraken to lead this charge. xStocks are designed to be a neutral, public good asset class, and we look forward to expanding xStocks to other exchanges and chains.' "This collaboration is a powerful step toward realizing the vision of internet capital markets and global, 24/7, permissionless access to the financial system," said Amelia Daly, Head of Partnerships at Solana Foundation. "By bringing tokenized U.S. equities onchain with Solana's high-performance infrastructure, this product is showing how public blockchains can unlock entirely new investing experiences at internet scale. This is what it means to build for the future of finance." Launching xStocks on Kraken builds on increasing equities momentum, and signals an intent to grow access to equities-related products worldwide. In April, Kraken launched the trading of 11,000+ U.S.-listed stocks and ETFs for U.S. clients, and plans to expand this offering to users in the U.K., Europe, and Australia in the future. Looking ahead, Kraken and Backed will also explore opportunities to bring tokenized equities to additional chains beyond Solana, accelerating innovation and expanding access to global markets like never before. About Kraken Kraken is one of the world's longest-standing and most secure crypto platforms. Our mission is to accelerate the global adoption of crypto, so that everyone can achieve financial freedom and inclusion. Globally, Kraken clients trade more than 300 digital assets and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Founded in 2011, Kraken was among the first to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services under one roof. With millions of individuals, traders and institutions around the world, Kraken offers professional 24/7/365 client support along with one of the fastest, most performant trading platforms available. Kraken has set the industry standard for transparency and client trust, and was the first crypto platform to conduct Proof of Reserves. Kraken markets can be monitored and traded via the web or through the Kraken and Kraken Pro iOS and Android apps. For more information about Kraken, please visit
