xStocks Stock Token to Launch on BNB Chain, Kraken Supports Deposits and Withdrawals

July 9th - The cryptocurrency exchange platform Kraken and the tokenized stock issuance platform Backed have announced a strategic partnership with the globally preeminent blockchain BNB Chain today. By means of this partnership, BNB Chain has become a part of the rapidly growing xStocks Alliance, thereby further expediting the global access for users to on-chain tokenized US stocks. In the forthcoming weeks, Kraken will enable eligible customers to deposit and withdraw xStocks on its platform through BNB Chain. As a component of the collaboration, Backed will issue xStocks in the form of BEP-20 tokens on BNB Chain, allowing users to have seamless access to the tokenized assets of US stocks and ETFs. This encompasses assets like AAPLx, TSLAx, SPYx, and NVDAx. By expanding to BNB Chain, xStocks is continuously fulfilling its mission - meeting the demands wherever users are, bringing traditional equities onto the blockchain, and opening up channels to the globally underserved markets. BNB Chain was chosen due to its high performance, low transaction fees, and leading on-chain activities. With a TVL of approximately $100 billion and one of the most active Web3 user communities, it provides a solid foundation for the adoption of tokenized assets. Kraken, Backed, and BNB Chain are jointly committed to democratizing investment by enabling global access to the US stock market at all times.