xStocks stock tokens will be launched on BNB Chain, and Kraken will support deposits and withdrawals.

On July 9th, cryptocurrency exchange Kraken and tokenized stock issuance platform Backed announced a strategic partnership with leading global blockchain $BNB Chain today. Through this collaboration, $BNB Chain joins the rapidly expanding xStocks alliance, further accelerating global users' access to on-chain tokenized U.S. stocks. In the coming weeks, Kraken will allow eligible customers to deposit and withdraw xStocks on its platform via $BNB Chain.

As part of the collaboration, Backed will deploy xStocks on $BNB Chain in the form of BEP-20 tokens, enabling users to seamlessly access tokenized assets of U.S. stocks and ETFs. This includes assets such as AAPLx, TSLAx, SPYx, and NVDAx. By expanding to $BNB Chain, xStocks continues to fulfill its mission of meeting demand where users are, bringing traditional equity on-chain, and opening access to underserved markets globally.

$BNB Chain was selected for its high performance, low transaction fees, and leading on-chain activity. With a TVL of approximately $10.00 billion and one of the most active Web3 user communities, it provides a solid foundation for expanding the adoption of tokenized assets. Kraken, Backed, and $BNB Chain are jointly committed to popularizing investment by enabling 24/7 global exposure to the U.S. stock market. [BlockBeats]