Kraken Turns Solana into a Global Stock Exchange

Kraken is stepping into the world of tokenized finance by introducing a groundbreaking initiative called “xStocks,” developed in collaboration with Backed and the Solana Foundation.

The goal: to bring tokenized versions of U.S.-listed stocks and ETFs onto the Solana blockchain, making traditional assets more accessible through digital means.

Revealed during the Solana Accelerate event in Lisbon, this venture aims to give global users outside the U.S. access to tokenized equities through the Kraken app. These digital assets will be issued under the SPL (Solana Program Library) standard, ensuring seamless integration into the broader Solana ecosystem.

Backed will serve as the issuer, providing blockchain-based representations of real-world financial instruments. Kraken will facilitate trading and access, while Solana’s role centers on infrastructure—offering the high-speed, low-cost transactions necessary for a platform designed to operate at internet scale.

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Solana was chosen for its efficiency and growing popularity in the decentralized finance space. The network’s ability to process large volumes of transactions with minimal delay was a key factor in Kraken’s decision to build on it.

Mark Greenberg, who leads Kraken’s consumer strategy, emphasized the broader vision behind xStocks. He noted that traditional equity investing is often burdened with high fees, regulatory barriers, and long settlement times. With xStocks, the partnership aims to remove those barriers by making investing faster, cheaper, and borderless through blockchain rails.

This launch signals a shift toward integrating traditional and digital finance, opening up the possibility for anyone with a crypto wallet to tap into U.S. markets without legacy gatekeepers.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.