Cryptocurrency exchange Kraken has announced that, in collaboration with xStocks partner Backed, the company teamed up with BNB Chain.
As part of this collaboration, BNB Chain is set to join the xStocks Alliance, further supporting the acceleration of onchain access to tokenized US equities for users globally. In the upcoming period, Kraken plans to enable xStocks to be deposited and withdrawn from its platform by eligible clients through the BNB Chain.
Democratising investing through US market exposure globally
The partnership will see Backed deploying xStocks on BNB Chain as BEP-20 tokens, providing users with simplified access to tokenized representations of US-listed stocks and ETFs. This includes assets such as AAPLx, TSLAx, SPYx, and NVDAx. Additionally, by expanding to BNB Chain, xStocks aims to continue its commitment to bringing traditional equities onchain and opening access for underserved markets globally.
Furthermore, BNB Chain was selected for the collaboration based on its performance, low transaction fees, and its position in the ecosystem. With Backed and BNB Chain, Kraken seeks to advance its commitment to democratising investing by enabling constant exposure to US markets, regardless of location. Commenting on the news, representatives from Kraken emphasised that expanding to BNB Chain solidifies their company’s core belief that tokenized equities can support the improvement of the financial system. These instruments act as programmable settlement primitives, delivering atomic settlement, real-time global transferability and composability with onchain lending, derivatives, and structured products.
Recently, Kraken also joined forces with Alpaca, aiming to scale crypto trading to financial institutions. The collaboration was set to enable Alpaca to expand its existing regulated crypto spot and offer trading capabilities by integrating Kraken Embed and Kraken’s Crypto-as-a-Service (CaaS) solution. With this development, Alpaca’s partners were set to be able to benefit from secure and efficient access to multiple currencies, supported by Kraken’s deep global liquidity and institutional-grade infrastructure, through the former’s unified Broker API.
