Kraken and Bybit have launched the xStocks platform, enabling tokenized trading of over 60 US equities, accessible via Backed Finance and the Solana blockchain.
Launch of xStocks Platform
The xStocks platform has been launched by Kraken and Bybit, allowing users to trade tokenized versions of stocks on centralized and decentralized venues. This initiative aims to enhance financial accessibility for global investors.
Access to Tokenized Equities
With xStocks, users gain access to stocks of renowned US companies such as Apple, Tesla, and Amazon. The platform allows trading 24 hours a day, five days a week, signaling a new level of integration of tokenized assets into DeFi applications.
Impact on Financial Markets
The launch of xStocks reflects a gradual bridging of traditional and decentralized finance. It also contributes to increased liquidity and collateral use in DeFi. Arjun Sethi, co-CEO of Kraken, stated that xStocks opens access to tokenized stocks, enabling people worldwide to use them like money.
Innovations in the field of tokenization of equities have the potential to significantly change financial markets, providing wider access to capital and new opportunities for investors.
