#SpotVSFuturesStrategy Kraken and the BNB chain enhance on-chain financing with xStocks
Wall Street began as an exclusive elite group, akin to a private club. But that is no longer the case. In late June, xStocks were launched in the market on the Solana platform. In other words, stocks became available on-chain. Kraken and Bybit offered these stocks, along with various DeFi platforms, on Solana. Now, Kraken is expanding xStocks to include the BNB chain. For the first time, you will be able to trade xStocks on the EVM chain. Why did Kraken choose the BNB chain for xStocks?
There is a good reason for Kraken to choose the BNB chain for xStocks. But first, let's understand what xStocks are. Backed Finance is the company behind xStocks. This company sets a standard in the field of tokenized stocks. Last week, Backed introduced around 60 tokenized stocks on Solana. Bybit and Kraken are the CEX exchanges that also offer these assets. The decentralized finance (DeFi) sector on Solana seized this opportunity as well. Many decentralized exchanges (DEXes) on Solana also offer xStocks. And now, Kraken has a strategic partnership with the BNB chain to launch xStocks there, making the BNB chain part of the xStocks alliance. The BNB chain is also the first EVM chain to offer these digital stock assets. The assets will be available as BEP-20 tokens, which is the token standard on the BNB chain.
In other words, you can now buy tokenized stocks like METAx, NVDAx, TSLAx, or AAPLx. One of the main advantages is that they are available 24/7.
Wall Street began as an exclusive elite group, akin to a private club. But that is no longer the case. In late June, xStocks were launched in the market on the Solana platform. In other words, stocks became available on-chain. Kraken and Bybit offered these stocks, along with various DeFi platforms, on Solana. Now, Kraken is expanding xStocks to include the BNB chain. For the first time, you will be able to trade xStocks on the EVM chain. Why did Kraken choose the BNB chain for xStocks?
There is a good reason for Kraken to choose the BNB chain for xStocks. But first, let's understand what xStocks are. Backed Finance is the company behind xStocks. This company sets a standard in the field of tokenized stocks. Last week, Backed introduced around 60 tokenized stocks on Solana. Bybit and Kraken are the CEX exchanges that also offer these assets. The decentralized finance (DeFi) sector on Solana seized this opportunity as well. Many decentralized exchanges (DEXes) on Solana also offer xStocks. And now, Kraken has a strategic partnership with the BNB chain to launch xStocks there, making the BNB chain part of the xStocks alliance. The BNB chain is also the first EVM chain to offer these digital stock assets. The assets will be available as BEP-20 tokens, which is the token standard on the BNB chain.
In other words, you can now buy tokenized stocks like METAx, NVDAx, TSLAx, or AAPLx. One of the main advantages is that they are available 24/7.