Kraken has partnered with Backed to expand access to tokenised equities on the Ethereum Mainnet, one of the largest blockchains.
The partnership brings xStocks to the Ethereum blockchain to unlock new opportunities for tokenised stocks and ETFs to be integrated across the smart contract network. Ethereum’s developers, liquidity and global user base make it the ideal place for the next phase of xStock’s expansion, enabling users and live applications to source liquidity.
Expanding access to tokenised equities
In the upcoming weeks, Kraken clients will be able to deposit and withdraw xStocks from Ethereum, offering investors more choice and flexibility to transfer assets between the Kraken platform and self-custodial wallets for onchain activity. As part of this integration, Backed will issue xStocks as ERC-20 tokens, supporting a full 1:1 collateralisation for every tokenised equity listed on Kraken’s platform. Ethereum ecosystem partners will also expand xStocks integrations across DeFi applications, wallets, and dApps, further bringing tokenised equities into the Web3 community.
Kraken mentioned that xStocks are a key part of its vision to bring traditional assets to trust-minimised infrastructure and integrate public markets into the internet’s base layer. The company’s multi-chain strategy aims to ensure that tokenised equities are accessible across ecosystems, easily portable between wallets, and composable within the applications users are already familiar with. By launching xStocks on Ethereum, it is making tokenised equities programmable, interoperable, and continuously accessible to builders and institutions worldwide.
With xStock already available to Kraken clients via Solana and TRON, they are available in over 140 countries for users across centralised and decentralised exchanges, as well as self-custodian wallets. Since its launch, xStocks has raised UAS 3.5 billion in combined CEX and DEX volume, reflecting the increasing demand for this asset class. The company believes that tokenised equity should be open, permissionless and interoperable across ecosystems, offering users freedom to access markets on the platforms they trust most.
Kraken will continue working in close proximity with Backed and other partners to expand the access to xStocks and accelerate its adoption globally.
