xStocks, Kraken’s tokenized stock platform, announced xChange, a multi-chain execution layer for tokenized stock trading. According to Kraken’s announcement today, March 5, the new platform will enable cross-chain trading on Ethereum and Solana, and will directly support over 70 tokenized stocks on-chain.
xChange aims to improve liquidity and accessibility by supporting cross-chain trading, allowing traders to operate seamlessly between DeFi’s two largest blockchain networks with total value locked.
The DeFi TVL of Ethereum and Solana, the two blockchains supported by xChange, is approximately $58.6 billion and $8.2 billion, respectively, per data from DefiLlama.
According to the announcement, xStocks’ new execution layer will run 24/7. Backed, the developer of xStocks, originally launched tokenized stocks alongside cryptocurrency exchange Kraken in June last year. By August, the platform reported $500 million in total on-chain transactions, and today’s announcement brings that total to more than $3.5 billion.
As The Defiant reported, Kraken acquired Backed in December. According to today’s announcement, xStocks will be available to traders outside the United States and will provide exposure to tokenized versions of U.S. stocks that are backed 1:1 by the underlying stocks.
This article was created with the help of AI Workflow.
