More than 60 tokenized stocks have now launched on cryptocurrency exchanges Kraken and Bybit, as well as on Solana-based decentralized finance (DeFi) platforms.
In an announcement released by Backed Finance on Monday, the company stated that its tokenized stock product, xStocks, has been launched, with over 60 stocks available on Bybit, Kraken, and multiple Solana DeFi protocols, providing users with exposure to traditional stocks through blockchain infrastructure.
The stock selection focuses on blue-chip giants and cryptocurrency companies, including both emerging and established firms. Supported stocks include Netflix, Meta, Robinhood, Coinbase, Amazon, Nvidia, McDonald's, Apple, Tesla, and Microsoft.
The xStocks official website promises that its tokenized stock products have some differences compared to traditional markets, including round-the-clock trading, freely transferable assets, zero commissions (promised on Kraken), and DeFi support.
According to CoinMarketCap data, Bybit, the second-largest cryptocurrency exchange by trading volume, has also announced support for xStocks. The exchange stated that on-chain settlement will be nearly instantaneous, and the tokens will be backed one-to-one by real stocks.
Bybit also claims that the product complies with the EU Markets in Financial Instruments Directive II (MiFID II). The exchange added that future support for dividends is under consideration.
xStocks is also available on Bybit's TradFi and Byreal platforms, which cater specifically to hybrid and traditional asset trading.
As one of the oldest cryptocurrency exchanges still in operation, Kraken has also announced support for xStocks. The exchange stated, "Say goodbye to unfair delays, trading restrictions, time zone issues, and complicated registration processes."
Backed Finance's announcement stated that xStocks is "DeFi ready" and has been integrated with leading Solana protocols. The team promised that starting today, xStocks will be accessible on DeFi protocols Kamino, Raydium, and Jupiter.
Solana's Phantom wallet has also added support for xStocks, although full functionality is still being rolled out.
Through this integration, stocks can now be used to provide liquidity on Raydium, trade on Jupiter, or swap with Kamino. In other words, stocks are now being integrated into Solana's DeFi ecosystem, which currently has a total locked value of $8.56 billion, according to DefiLlama data.
Related: Robinhood launches Layer-2 blockchain for stock trading in Europe
Original: “Tokenized Stock Trading Live on Kraken, Bybit, and Solana’s DeFi Ecosystem”
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