Cryptocurrency exchange Kraken announced a partnership that will allow users to trade tokenized stocks on the BNB Chain.
Integration of Tokenized Stocks
Kraken plans to implement the ability to deposit and withdraw tokenized U.S. stocks such as TSLA, AAPL, NVDA, and SPY via the BNB network. The tokenized equities, known as xStocks, will be deployed on Binance Chain as BEP-20 tokens.
Benefits for Users
This integration makes Binance Chain one of the few networks, alongside Solana, to support tokenized equities. The assets will be tradable on PancakeSwap and compatible with DeFi tools across the BNB ecosystem, providing users with new opportunities for trading and generating income.
Expectations and Outlook
Kraken's co-CEO Arjun Sethi noted that the demand for xStocks confirms the trend toward a multichain and composable model. The rollout of xStocks is expected to go live later this month.
The growing interest in tokenized stocks may signal further development and integration of traditional finance with the cryptocurrency industry.
