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Kraken, a U.S.-based cryptocurrency platform, has announced its plans to launch a new service targeting investors outside the United States. The company intends to offer tokenized versions of shares from major companies, including Apple, Nvidia, and Tesla, among many other U.S.-based stocks.
Crypto-Based Stock Offerings
The newly introduced service, named xStocksFi, is set to operate on the Solana 
$145 network, with the potential for expansion to other networks in the future. According to a company statement, the collaboration with Solana and BackedFi is expected to make the product fast, borderless, and flexible. The company also emphasized the significant role these partnerships will play in enhancing the service’s reliability and accessibility.
This strategic agreement with Solana has led to an increase in the price of SOL. Solana, as exemplified in recent events, is one of the leading networks fulfilling the demand for such infrastructure with its quick processing capabilities and low transaction fees, which are promising for its future.
Kraken declared that it would only offer the service to investors outside of the United States. This decision was influenced by the current regulatory environment and legal barriers within the U.S. Through this service, investors can gain indirect access to stocks traded on American exchanges. The exchange recently sought guidance from the SEC on this matter, indicating that access in the U.S. might become feasible soon.
“With BackedFi and Kraken, tokenized American stocks will soon be traded on Solana quickly, borderlessly, and flexibly.” – Kraken
Choice of Solana
Kraken’s service will leverage Solana network’s technical capabilities for speed and security. The company believes this partnership will deliver transparency, traceability, and high performance. Moreover, there are long-term plans for the new product to integrate with more blockchain platforms.
The collaboration with BackedFi aims to ensure the real valuation and legal compliance of the tokens offered. Thus, it seeks to enhance transparency and trust, which are crucial concerns for investors during the process.
Kraken’s tokenization of stocks project marks a significant milestone in exploring potential applications of blockchain technology in financial systems. Investors are closely watching the service’s expansion and integration with other networks. Furthermore, the attitude of regulatory authorities remains a key factor that could directly impact the sector’s development.
Kraken’s new initiative to offer tokens based on American stocks to investors outside the U.S. might signify the start of a new era in traditional financial markets. The service appears to be designed tailored to specific countries and investor profiles. In the long term, offering financial products as blockchain-based tokens could enhance market liquidity, speed, and accessibility. However, the roles of regulations, security measures, and partnerships retain their importance in the process.
