Kraken and Backed Partner with BNB Chain to Broaden xStocks Accessibility

In a strategic move to enhance the accessibility of tokenized U.S. equities, cryptocurrency exchange Kraken and tokenization platform Backed have joined forces with BNB Chain. This collaboration aims to extend the reach of xStocks, which are tokenized representations of U.S. equities, by deploying them as BEP-20 tokens on BNB Chain. This initiative not only facilitates on-chain access to traditional financial instruments but also integrates real-world assets into the decentralized finance (DeFi) ecosystem.

BNB Chain's inclusion in the xStocks Alliance marks a significant step towards making tokenized equities more accessible. The alliance focuses on broadening the availability of tokenized U.S. equities, with xStocks such as AAPLx (Apple), TSLAx (Tesla), SPYx (S&P 500 ETF), and NVDAx (Nvidia) now available on BNB Chain. Kraken has announced plans to enable deposits and withdrawals of xStocks via BNB Chain shortly, leveraging the chain's high performance, low transaction fees, and robust onchain activity, including a $10 billion total value locked (TVL) and a vibrant Web3 user base.

The recent Maxwell upgrade on BNB Chain has further enhanced its appeal by reducing block times from 1.5 seconds to 0.75 seconds, positioning BNB Smart Chain as the fastest major blockchain with sub-second finality. This upgrade, coupled with an average transaction fee of $0.04, has solidified BNB Chain's leading position in daily DEX volume.

Arjun Sethi, co-CEO of Kraken, emphasized the importance of a multichain future for capital markets, describing tokenized equities as 'programmable settlement primitives' that enable real-time transfers, atomic settlement, and seamless integration with DeFi protocols. Adam Levi, co-founder of Backed, highlighted the alignment of this integration with the vision of xStocks as a neutral, public-good asset class designed for composability with DeFi tools like lending and derivatives.

In related developments, Kraken recently launched Krak, a peer-to-peer payments app designed to streamline global transactions. Supporting over 300 assets across 160 countries, Krak aims to address inefficiencies in the global payments system by offering faster, cheaper, and more accessible transactions, distinct from Kraken's core trading platform.