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 up access for 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]