Not yet legal in the USA. For everyone else (pending regulatory approval), action baby, action! 24/7.
From CoinDesk, May 22/23:
The tokens will be deployed on Solana and backed by real securities held by Kraken’s partner, Backed Finance.
What to know:
- Kraken will offer 24/7 global trading of tokenized shares in over 50 U.S. stocks and ETFs, including Nvidia, Tesla, and SPY.
- The xStocks tokens, issued on the Solana blockchain, represent real shares held by Backed Finance and can be redeemed 1:1 for cash.
- This expansion positions Kraken as the first exchange to successfully launch tokenized U.S. equities after Binance's failed 2021 attempt.
Kraken plans to list tokenized shares of Nvidia, Apple, Tesla and over 50 other U.S. stocks and exchange-traded funds (ETFs), the Wall Street Journal reported.
The tokens, deployed on Solana will be known under the name “xStocks” and will be available to trade 24/7 for investors all across the world. Some of the ETFs that will be available to trade include the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, and the SPDR Gold Shares (GLD).
The stocks will be represented by real shares held by Backed Finance and can be redeemed 1:1 for their cash value.
Kraken had announced the initial rollout of over 11,000 U.S.-listed stocks and ETFs in April, starting with 10 U.S. states and offered through Kraken Securities.
This latest announcement expands Kraken’s offering to include tokenized versions of over 50 stocks and ETFs to customers outside of the U.S., starting with Europe, Latin America, Africa and Asia.
The move puts Kraken in direct competition to platforms like Robinhood (HOOD) and makes it the first exchange to successfully offer tokenized shares of major U.S. stocks....
....MORE
Here's Kraken's rather exuberant press release, May 22:
Kraken Partners with Backed to Launch xStocks on Solana, Bringing Tokenized Equities to the Masses
And Backed's, ditto on date:
