Cryptocurrency Exchange Kraken has chosen this altcoin for Tokenized US Stocks, which will be a first!

Crypto exchange Kraken is joining forces with tokenized stock issuer Backed and the Solana Foundation to prepare for the launch of digital assets representing US stocks and ETFs on the Solana blockchain.

The new platform was announced under the name "xStocks" and the first tokenized assets will be offered to eligible users in selected non-US markets through the Kraken application, based on the SPL standard.

The new partnership was announced at the Solana Accelerate event held in Lisbon. According to the project, Backed will transfer the digital representations of stocks and ETFs listed on U.S. exchanges onto the Solana blockchain. These assets will be offered to investors under the "xStocks" brand and will initially be accessible through the Kraken platform.

Kraken has chosen Solana as the blockchain for the launch of xStocks. In this choice, Solana's high transaction performance, low latency, and vibrant global ecosystem played a significant role. The Solana Foundation stated that Solana is the most widely used public blockchain worldwide and that this infrastructure is ideal for providing financial solutions at internet scale.

Mark Greenberg, the Global Consumer President of Kraken, said the following about the new initiative:

"We are reshaping stock investment. Access to traditional US stocks is still slow, costly, and restrictive. With xStocks, we offer a more open, instant, accessible, and cross-border investment experience using blockchain technology. This is the future of investing."