The new platform, xChange, enables cross-chain trading of over 70 tokenized stocks across Ethereum and Solana.
Kraken’s tokenized stock platform, xStocks, has unveiled xChange, a multi-chain execution layer for tokenized equity trading. The new platform enables cross-chain transactions on Ethereum and Solana, and supports over 70 tokenized stocks directly on-chain, according to an announcement from Kraken today, March 5.
By supporting cross-chain trading, xChange aims to boost liquidity and accessibility, allowing traders to operate seamlessly across two largest blockchain networks in DeFi by total value locked.
Ethereum and Solana, the two blockchains supported by xChange, have a DeFi TVL of approximately $58.6 billion and $8.2 billion, respectively, per data from DefiLlama.
The new execution layer for xStocks operates 24/5, per the announcement. Backed, the developer of xStocks, originally launched the tokenized equities alongside crypto exchange Kraken last June. By August, the platform reported $500 million in total on-chain transaction volume, while today’s announcement says that number has reached over $3.5 billion.
Kraken acquired Backed in December, as The Defiant reported. xStocks are available to traders outside of the United States, giving exposure to tokenized versions of U.S. equities that are backed 1:1 by underlying shares, today’s announcement notes.
This article was generated with the assistance of AI workflows.