NVIDIA (NVDA), Apple (AAPL), Tesla (Tsla) on tokenized stocks coming to Crypto Exchange Kraken
Kraken plans to list tokenized shares of Nvidia, Apple, Tesla and more than 50 other US stocks and funds exchanged (ETF), The Wall Street Journal reported.
The tokens, which have been deployed in Solana
will be known under the name “Xstocks” and will be available to trade 24/7 for investors worldwide. Some of the ETFs available in the trade include the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, and the SPDR Gold Shares (GLD).
Stocks are represented by real shares held by that -back finance and can be redeemed 1: 1 for their cash value.
Kraken had Initial Participation was announced of more than 11,000 stocks listed in the US and ETFs in April, starting in 10 US states and offered by Kraken Securities.
This latest announcement expands Kraken’s offer to include tokenized versions of more than 50 stocks and ETFs with customers outside the US, starting in Europe, Latin America, Africa and Asia.
The move puts kraken in direct competition on platforms such as Robinhood (Hood) and makes it a first exchange that successfully offers tokenized shares of basic US stocks. Binance attempted to launch US tokenized stocks in 2021 but eventually canceled their plans to eventually due to regulatory uncertainty.
A Kraken spokesperson told The Wall Street Journal that the exchange was “actively employed by different regulators” to ensure that Xstocks could be offered legal to each constituent during regulation.
The tokenization, which becomes real-world assets in Blockchain tokens, has become Buzz’s latest word in crypto with more companies starting to enter space. Some, including Ondo Finance, Blackrock and Franklin Templeton, have long been pioneers in the area, pushing their overall tokenization market to A $ 65 billion market cap until May.
