Kraken converts Solana into a global stock exchange

With a groundbreaking initiative called “Xstocks”, octopuses are entered the world of tokenized finances, which was developed in collaboration with Backed and the Solana Foundation.

The goal: to bring tokenized versions of stocks and ETFs listed in the USA to the Solana blockchain in order to make traditional assets more accessible by digital means.

This project was presented during the Solana Accelerate event in Lisbon and aims to provide users outside of the USA via the octopus app to tokenate shares. These digital assets are issued according to the SPL standard (Solana Program Library), which ensures seamless integration into the wider Solana ecosystem.

Backed will act as a issuer and provide blockchain -based representations of real financial instruments. Kraken will make trading and access easier, while Solana focuses on the infrastructure and that enables the necessary and cost -effective transactions for a platform designed for operation on the Internet.

Solana was selected in the field of decentralized finances due to its efficiency and growing popularity. The ability of the network to process large transaction volumes with minimal delays was a decisive factor for the decision of octopus to build on it.

Mark Greenberg, who heads the octopus of octopuses, emphasized the more comprehensive vision behind Xstocks. He pointed out that traditional stock investments are often associated with high fees, regulatory obstacles and long resolution times. With Xstocks, the partnership wants to eliminate these obstacles by making investments through blockchain technology faster, cheaper and limitless.

This introduction signals a relocation to the integration of traditional and digital financial services and opens up the opportunity to access the US markets without traditional gatekeepers.