#Kraken , a well-established player in the cryptocurrency world, and Backed, a pioneer of tokenized assets, are making headlines with a new move to open the doors of traditional finance to blockchain! The two giants are expanding the xStocks platform through BNB Chain integration, bringing traditional financial giants like Apple, Tesla, and the S&P 500 into the DeFi universe.
đ #BNBChain Joins the xStocks Alliance!
According to Kraken's official blog post, $BNB Chain is now part of the xStocks Alliance. This alliance is positioned as an ecosystem that aims to tokenize US stocks and make them accessible in a decentralized world.
With this new integration, tokenized versions of major companies like Apple (AAPLx), Tesla (TSLAx), Nvidia (NVDAx), and the S&P 500 ETF (SPYx) will be available on BNB Chain in the BEP-20 format.
đ Kraken: âReal-World Assets Meet DeFiâ
Kraken announced that users can now deposit and withdraw xStocks via BNB Chain. The reasons behind choosing BNB Chain are quite clear:
đ $10 Billion in Locked Value (TVL)
⥠Low transaction fees (Average $0.04)
đ„ One of Web3's most active user bases
â± Lightning-Fast Blocks with the Maxwell Upgrade
The Maxwell Upgrade, launched in June, broke records by reducing BNB Smart Chain's block times from 1.5 seconds to 0.75 seconds. This update gives the network the fastest transaction completion time among major blockchains.
This speed increase is critical for xStocks, especially for real-time stock transfers, instant swaps, and integration with DeFi protocols.
đŹ Kraken CEO Arjun Sethi: âThe Future of Capital Markets is Multi-Chainâ
Kraken co-CEO Arjun Sethi described tokenized shares as âprogrammable consensus structures,â saying:
âIn a multi-chain future, it is critical that assets can move freely across different ecosystems and liquidity layers. Expanding to #BNB Chain leverages the revolutionary potential that tokenized shares bring to the financial system.â
𧱠Backed Co-Founder: âWeâre Building an Open Financial Layer for Everyoneâ
Backed co-founder Adam Levi stated that this integration reinforces xStocksâ vision of being a âneutral and public financial asset class.â According to Levi, the integration with BNB Chain will provide full compatibility with DeFi instruments such as lending and derivatives.
đž Kraken's New Move: Instant P2P Payments in 160 Countries with Krak!
In June, Kraken launched its peer-to-peer payments app, Krak, to increase its effectiveness not only in trading but also in global financial services.
đȘ Support for over 300 assets
đ Fast money transfers to 160 countries
đČ Support for fiat, stablecoin, and cryptocurrency
đ Nearly zero transaction fees
This app aims to eliminate the slowness and high costs of traditional payment systems.
đ Result: Wall Street is Now on BNB Chain!
This move by Kraken and Backed tokenizes traditional finance into an open, digital finance layer accessible to everyone. Thanks to BNB Chain's high performance and large user base, this vision is now much closer to realization.
This development is revolutionary not only for DeFi but also for investors and financial technology enthusiasts worldwide.
