Crypto exchange Kraken and Backed have announced the launch of tokenized stocks on BNB Chain. This partnership will provide access to tokenized versions of US stocks in BEP-20 format.
BNB Chain Partners with Kraken and Backed
On July 9, BNB Chain announced a strategic partnership with Kraken and Backed to enable access to tokenized equities such as AAPLx, TSLAx, NVDAx, and SPYx as BEP-20 tokens. xStocks are tokenized SPL tokens that represent real-world assets, including stocks and ETFs. Instead of holding regular stocks, investors will hold virtual tokens representing company shares. As part of the collaboration, Backed will deploy xStocks on BNB Chain to facilitate easy access for users to tokenized representations of US stocks.
Why BNB Chain Was Selected?
BNB Chain was chosen for the alliance due to low gas fees, high throughput, and fast finality. Additionally, it has significant momentum in real-world assets and a total value locked (TVL) of over $10 billion, along with an active DeFi user base. These factors position BNB Chain as one of the largest blockchain ecosystems by on-chain activity. Binance co-founder Changpeng Zhao commented that the future of capital markets will be chain-neutral and multichain in design, reinforcing the importance of tokenized equities as a foundational upgrade to the financial system.
Current Analysis of BNB Price
BNB price has remained stable above $660 after a recent breakout from the $640-$650 range. At the time of writing, BNB was trading at $663. Trading volume has decreased by 2% to $1.5 billion, indicating a slight decline in trader interest. On the daily chart, BNB price has rebounded above the 50-SMA, 100-SMA, and 200-SMA. The Relative Strength Index (RSI) rose slightly to 56.36, signaling potential upside.
The partnership between Kraken and Backed to launch tokenized stocks on BNB Chain could represent a significant step in the development of tokenized asset markets and increase investor interest in new investment opportunities within the crypto economy.
