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What happened?
Kraken and Backed have formed a partnership with BNB Chain to expand xStocks, which are tokenized versions of U.S. equities. This makes it possible for users to access assets like Apple and Tesla stocks on the blockchain. With the addition of BNB Chain, these tokenized stocks will now be available as BEP-20 tokens, increasing accessibility within the decentralized finance ecosystem.
Who does this affect?
This partnership affects a wide range of users, including investors interested in tokenized stocks, DeFi enthusiasts, and existing BNB Chain participants. It offers Kraken users new opportunities to deposit and withdraw tokenized stocks on a high-performance network with low fees. The broader crypto community will also benefit from increased access to traditional financial instruments integrated into the DeFi space.
Why does this matter?
This development could significantly impact the market by providing more liquidity and options for trading U.S. equities within the crypto ecosystem. By leveraging BNB Chain’s fast transaction speeds and low costs, Kraken and Backed are laying the groundwork for a more fluid and multichain financial infrastructure. This move enhances the DeFi landscape, potentially attracting more traditional investors intrigued by blockchain-based trading solutions.
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