- Kraken: One of the oldest and most trusted cryptocurrency exchanges.
- Bybit: A popular crypto exchange that offers both crypto and traditional asset trading.
- Solana: A fast and low-cost blockchain that supports decentralized finance (DeFi) apps.
- Backed Finance: The company behind xStocks, offering blockchain-based versions of real-world stocks.
- DeFi: A system of financial services on blockchain that works without banks or middlemen.
More than 60 tokenized stocks are now available on crypto exchanges Kraken and Bybit, as well as on Solana-based decentralized finance (DeFi) platforms.
Backed Finance announced on Monday that it has launched its new product, xStocks, offering blockchain-based versions of major stocks. The tokenized stocks can now be traded on Bybit, Kraken, and several DeFi platforms built on Solana.
The list includes big names from both the tech world and the crypto space. Some of the supported stocks are Netflix, Meta, Robinhood, Coinbase, Amazon, Nvidia, McDonald’s, Apple, Tesla, and Microsoft.
What are the advantages of xStocks?
The official xStocks website highlights differences in its tokenized stocks compared with traditional markets, including 24/7 trading, freely transferable assets, no commissions (on Kraken), and DeFi support.
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Bybit says its new tokenized stock offering follows the rules of the European Union’s Markets in Financial Instruments Directive II (MiFID II). The exchange also said it may offer dividend payments on these tokens in the future.
The xStocks are available on Bybit’s TradFi and Byreal platforms, which allow trading of both traditional and crypto assets.
Kraken, one of the oldest crypto exchanges still operating, also announced that it now supports xStocks. The exchange said this will remove trading delays, limits, time zone problems, and complicated signups.
Stocks come to DeFi
Backed Finance said in its announcement that xStocks are “DeFi-ready” and already work with major Solana DeFi platforms. Starting yesterday, users can access xStocks on Kamino, Raydium, and Jupiter.
The Phantom wallet also supports xStocks, though some features are still in development.
Thanks to this integration, people can now use xStocks to provide liquidity on Raydium, trade them on Jupiter, or swap them on Kamino. This means stocks are now part of Solana’s DeFi world, which has $8.56 billion locked in, according to DefiLlama.
