Kraken and Backed Expand xStocks Accessibility Through BNB Chain Integration

In a significant move to broaden the reach of tokenized U.S. equities, Kraken, in collaboration with its xStocks partner Backed, has announced a strategic partnership with BNB Chain, a leading global blockchain ecosystem. This partnership integrates BNB Chain into the expanding xStocks Alliance, enhancing worldwide on-chain access to tokenized equities. Eligible clients will soon be able to deposit and withdraw xStocks via BNB Chain on Kraken's platform. Backed will facilitate this by deploying xStocks as BEP-20 tokens on BNB Chain, offering users seamless access to tokenized versions of U.S.-listed stocks and ETFs, including popular assets like AAPLx, TSLAx, SPYx, and NVDAx. This expansion underscores xStocks' commitment to making traditional equities accessible on-chain and serving underserved global markets. BNB Chain was chosen for its high performance, low fees, and status as one of the most active blockchain ecosystems, with approximately $10 billion in Total Value Locked (TVL) and a vibrant Web3 community. Kraken's co-CEO, Arjun Sethi, emphasized the importance of chain-neutral, composable, and multichain capital markets, highlighting tokenized equities as a transformative upgrade to the financial system. Backed's co-founder, Adam Levi, shared the vision of xStocks as a neutral, public-good asset class, with BNB Chain's integration being a pivotal step towards establishing them as the standard for tokenized equities. Sarah S, Head of Business Development at BNB Chain, expressed enthusiasm for the collaboration, noting its role in making global finance more accessible and transparent. This partnership marks a key milestone for xStocks, following Kraken's recent launch of over 60 tokenized U.S. equities on Solana for users in 185 countries, further solidifying xStocks' leadership in the digital asset space. Note: xStocks are not available in the U.S. or to U.S. persons due to geo-restrictions.