Kraken collaborates with Backed to launch xStocks

Backed has revealed plans to introduce SPL-based digital representations of US-listed stocks and ETFs on the Solana blockchain. These tokenised assets will be accessible to eligible Kraken clients in select non-US markets, directly through the Kraken app.

Introducing xStocks

As part of this rollout, Backed is launching xStocks, a new brand for tokenised equities aimed at enabling crypto platforms to provide on-chain access to US equities, with Kraken as its inaugural launch partner.

Kraken chose Solana as the launch chain for xStocks due to its performance, low latency, and global ecosystem. As the most widely used public blockchain in the world, Solana offers the infrastructure for integrating equities on-chain at the internet scale.

Officials from Kraken announced that the company is transforming equity investing, creating new demand from clients seeking alternatives to traditional methods.

Representatives from Backed emphasised that this collaboration is an important step toward democratizing access to traditional finance. By bringing US equities on-chain, the company is paving the way for a new era of decentralised finance (DeFi) that offers composable, round-the-clock global markets. The infrastructure of xStocks is designed to bridge the gap between traditional finance and decentralised finance.

Other developments from Kraken

In May 2025, cryptocurrency exchange Kraken finalised its acquisition of NinjaTrader, a retail futures trading platform based in the US.

This deal signified an expansion of Kraken's presence in traditional financial markets, complementing its existing cryptocurrency operations. The acquisition was part of Kraken's strategy to create a trading environment that accommodated a diverse range of asset types. While NinjaTrader maintained its independent operations, it became part of Kraken’s broader suite of trading and payment products.